Adify, the white-label online ad network, has been acquired by Cox Enterprises, for about $300 million reports paidContent.org.

Adify is a self-service ad network for web sites interested in developing their own ad network. The service allows a publisher to negotiate ad rates, and to reject an advertiser if wanted, with Adify taking in about 20 percent of the revenues in. Clients include Guardian, Forbes.com, NBC WeatherPlus, Martha Stewart Living Omnimedia and others.

Adify had raised a total of $27 million in funding and made about $7 million in revenues in 2007.