Video search company blinkx has offered to acquire pay-per-click ad company MIVA for $1.20 a share — a 54 percent premium over Thursday’s closing price of 78 cents — or $39 million in cash.

In a release announcing the offer, blinkx said the acquisition would allow it to monetize search ad traffic from MIVA’s network at higher rates; blinkx’s technology would add a new revenue stream to MIVA’s toolbar network, the company said, while MIVA’s consumer sites could implement blinkx’s AdHoc technology.

We think the company called itself blinkx because every time you blink it’s firing up a new business: video search, ad network, online TV network, content management system, and most recently a red-label search service. At least this move looks to bolster its existing offerings rather than create (another) new one.