Research in Motion , the Waterloo, Ontario-based developer of the Blackberry, has reportedly been in talks to acquire Baltimore-based mobile ad network Millennial Media – although the talks have hit a snag over the company’s value, according to The Wall Street Journal .
Financial terms of the Nokia-Motally transaction were not disclosed. Founded in 2008, Motally has raised $750,000 in financing, from BlueRun Ventures  and angel investor Ron Conway.
The company’s mobile analytics service offers in-application tracking and reporting, designed to help mobile developers understand how users engage their applications. The service will be adapted for Qt, Symbian, Meego and Java developers, while continuing to serve its existing customer base.
In the possible RIM transaction, Millennial reportedly has been seeking $400-$500 million, based on the recent acquisition prices of rivals AdMob of Mountain View, California, and Quattro Wireless, though RIM is apparently balking at paying so much.
Millennial Media, which claims the largest mobile ad network in the U.S., has raised $37 million in venture capital since its launch in 2006, according to WSJ.
And Apple plans to shutter mobile ad network Quattro Wireless, which it acquired for $275 million last year, in order to focus squarely on its own recently introduced iAd advertising format.
A notice on the Quattro Wireless website says, ‘We are no longer accepting new campaigns for the Quattro Wireless Network, and we will soon begin winding down existing campaigns. As of September 30, we will support ads exclusively for the iAd Network.’