OnTheAir, a new startup that wants to create communities of like-minded individuals via live video conversations has been acquired by Yahoo. The company that launched in March 2012 has been described as a combination of Google+ Hangouts, Skype and YouTube.

How OnTheAir works

The app lets you  host a channel about any topic. You can schedule live conversations at any time and moderate who speaks. If you connect the tool to Facebook and Twitter, the site automatically shares the time of the chat to Facebook friends and Twitter followers.

In a statement released on the company’s website, OnTheAir team said:

We are excited to share some big news: OnTheAir has been acquired by Yahoo!. When we started OnTheAir, we had dreams of building a company that made a difference in the daily lives of millions. Our pursuit was challenging: We put in late nights together. We debated intensely. We worked like crazy to build a product we were proud to put our name on.

Despite the challenges, our experience has been a rewarding one. We got to launch multiple products to a wonderful community. We were coached and mentored by some of the brightest investors and advisors in Technology (see our list below and work with them if you ever get the chance!). Most importantly, we developed deep bonds as a team and learned how to work together as a unit.

OnTheAir had raised an $880,000 seed round led by Scott Banister and True Ventures plus Howard Lindzon, Ben Narasin, Will Smith, and Triple Point Ventures.