Yahoo! has announced a deal to purchase TV-sharing start-up company IntoNow.

This comes as part of Yahoo!’s plans to increase its social media presence after revenue and profits have fallen.

The financial side of the deal, which include the price, have not been disclosed.

What makes IntoNow’s software special is that it allows users to identify TV shows and share them with friends via mobile internet access.

This application was only launched in January this year and is integrated with Facebook, iTunes and Twitter.

Last week, Yahoo reported profits of $223 million (£137m) for the first quarter of 2011, which was down from $310 in 2010.