Google has acquired AdMob for $750 million, a huge price for an innovative start-up that hass pioneered online ads on mobile and now smart phones.

BoomTown visited AdMob last fall and posted about how it was likely to eventually be acquired by…Google!

The move is a major one for the search giant, which has been pushing hard into the mobile advertising space as it seeks to grow its already considerable Web business. AdMob is arguably the fastest out of the gate in the nascent arena.

Plus, here’s AdMob CEO Omar Hamoui in a video interview with me last November, as well as the official press release on the sale.

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Quincy Smith, the high-profile CEO of CBS Interactive, is planning on leaving his job at the media giant in January to start an advisory firm in Silicon Valley, according to several sources.

But, in an interesting twist, Smith will remain an adviser to CBS under a multiyear contract, sources added, making it his first client. Apparently, Smith will focus intently on authentication issues for the company.

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Yahoo bested Wall Street expectations today, announcing stronger net income for its third quarter, despite an also expected decline in revenue.

In addition, Yahoo’s expectations for the fourth quarter are more positive than expected by investors.

But, there were some issues to worry about: Search advertising revenue was off 19 percent and display was off eight percent at “Owned and Operated” sites on Yahoo.

So, while investors can finally relax, how Yahoo can grow going forward is sure to be their next focus.

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Lonely Planet, best known as a traditional travel guidebook publisher, is announcing a new U.S. head tomorrow–John Boris of Zagat Survey–as it increasingly moves to reposition the company as much more of a “cross-media” platform.

As the paid versus free content online debate gets louder over the next year, how well known brands like Lonely Planet–which has a strong reputation among consumers–handle the fallout will be more and more interesting to watch.

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MSN, Microsoft’s online portal, released a beta version of a service to let users manage their health information on the Web.

Called My Health Info, the Microsoft offering, which includes a range of widgets and other Web tools, wades into an area that many are attempting to crack, including Google.

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Nokia is set to announce today that it has acquired Plum, the San Francisco “microsocial networking” start-up, for an undisclosed amount, sources said.

UPDATE: Nokia confirmed the purchase, but gave few details.

The small company was founded several years ago by Hans Peter Brøndmo as a social-bookmarking site. He then shifted its focus, trying to make a business in the places big social networks ignore.

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Oh, BoomTown fears this is not going to end well for the weensy little smart phone Palm is debuting today on–what an amazing coincidence!–the very same day Apple is throwing its big product bash in San Francisco, at which Mac fanboys fervently hope that Supreme Leader Steve Jobs might even appear.

You don’t step on Superman of Silicon Valley’s cape, of course, but the device with the aggressively cute name of Pixi is apparently attempting just that.

Thus, this fairytale might have a not-so-happy ending.

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Yahoo exec Brad Garlinghouse–famous for his controversial “Peanut Butter Manifesto,” which correctly chided the Internet giant for becoming so lugubrious several years ago–is taking a job at AOL very similar to the one he left at Yahoo last year.

Garlinghouse, who will remain on the West Coast, will be named president of Internet and mobile communications at AOL, putting him in charge of the New York-based Time Warner online unit’s powerful email and instant-messaging properties, including ICQ and AIM.

He will also be, said AOL CEO Tim Armstrong, its “CEO of Silicon Valley for us.”

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Linda Avey, co-founder of 23andMe, the personal genetics start-up, will be leaving to start a foundation related to Alzheimer’s disease.

With Anne Wojcicki, she founded the high-profile company–whose Series A investors include Genentech, Google, and New Enterprise Associates, as well as Wojcicki’s husband, Google co-founder Sergey Brin–in 2006.

Avey noted in an email to staff, which is posted in its entirety below: “I also recognize that the company has reached a critical point in its growth where new leadership can take it to the successful heights we all think it can achieve.”

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In a move that will surely have Madison Avenue talking, well-known online advertising sales executive Wenda Harris Millard–who is now president of New York- and Los Angeles-based media consultancy Media Link–is poised to take over all advertising sales at MySpace, sources said.

But, in an unusual twist, the former Yahoo and Martha Stewart exec will remain in her job at Media Link, which has also been hired by MySpace to advise on restructuring the social networking company’s salesforce.

Current President of Sales and Marketing Jeff Berman will be leaving the company, MySpace has told employees via an internal memo.

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In an unusually robust collaboration using Facebook Connect, the Huffington Post is launching a feature on Monday called “HuffPost Social News,” which lets readers create a personalized social networking-like news page on the Huffington Post itself.

While the Huffington Post had already been using Facebook Connect since January–which allows readers of the site to log in using their Facebook identity to interact, which is mostly used to leave comments–this essentially takes Facebook Connect and puts it on steroids.

While the use of “social news” will be seen by some as simply a clever PR term, it is an interesting development for both the popular online news site and for the social networking giant.

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Oh, it’s the middle of August, so why not report this little tidbit: Former Google exec Sukhinder Singh Cassidy has been appointed to the board of the J. Crew Group, the well-known New York-based specialty retailer.

She is now a CEO-in-Residence at Accel Partners in Silicon Valley, after leaving her longtime job at Google, where she was president of its Asia-Pacific and Latin American operations.

Cassidy was also one of Google’s more visible execs and highest-ranking women leaders, so BoomTown is more interested in where the the 39-year-old will land next as a top exec at a Web operation.

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It’s certainly acquisition fever in Silicon Valley today. After it was announced that Facebook had bought FriendFeed, now comes the news that VMware has purchased SpringSource, a privately held enterprise and Web application development and management cloud computing start-up.

The price? That would be $420 million in cash and stock.

With the purchase of Spring Source, Palo Alto-based VMware–which is a top player in the virtualization space–is adding to its cloud-computing application-management strength and also its ties to the open-source community.

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Facebook said today it is acquiring FriendFeed, the online content sharing site.

It is a logical fit for the social networking site, which has lagged behind microblogging kingpin, Twitter, in the real-time search and status game of perception in Silicon Valley. FriendFeed has also trailed well behind Twitter.

Terms were not disclosed, but it is likely be well under the $500 million Facebook once offered Twitter. In fact, sources estimate to me that the price was about $50 million in cash and stock.

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BoomTown was so glad we had this time together with Yahoo CEO Carol Bartz and Microsoft CEO Steve Ballmer, just to have a laugh or sing a song about a major search and advertising deal.

I liveblogged the conference call, which I updated as it happened.

Did Ballmer scream and jump up and down? Did Carol say something naughty?

Read on!

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