Mobile video startup Ptch has been bought by Yahoo for an undisclosed amount. The Dreamworks Animation-incubated app announced that it will shut down on January 2, 2014, according to TechCrunch.

Until then, Ptch users can download their 'ptches' or save them out to their camera roll. The mobile app made the announcement on its blog this afternoon, the report stated.

Ptch was an app that allowed users to remix videos with music and effects. The app also allowed other users to further remix original clips of co-users. The concept revolved around allowing people with similar experiences to use combined media to create their own story of the same event, the report explained. 

The recent purchase continues Yahoo's strategy of acquiring talent in the mobile app arena. The tech giant is in the process of restructuring all of its offerings to center on the mobile industry. Yahoo is also developing new properties to boost its media empire. To achieve that, the firm has been absorbing small teams and products that have strategic value, TechCrunch reported.