Facebook is ready to shutter its video ad exchange LiveRail, which it purchased for a reported $400 million to $500 million in 2014. The news does not come as a surprise; former LiveRail CEO Mark Trefgarne departed in April and employees were told to look for other positions within Facebook about a week earlier. A Facebook spokesperson sent the following statement to Re/code: “We are discontinuing the LiveRail Private Exchange to focus on finding better ways for publishers to sell their ad space directly to advertisers, as well as expanding our video ad offering via Audience Network.”