TIME WARNER, MICHAEL EISNER AND
SPARK CAPITAL COMPLETE $12.5 MILLION STRATEGIC SERIES B INVESTMENT IN
Veoh’s Global Independent Broadcasting System Poised to Lead
Television Broadcasting Revolution
Michael Eisner Joins Board of Directors
(SAN DIEGO) April 18, 2006 – Veoh Networks, Inc., an innovative, new independent Internet television broadcasting system, announced today the completion of a major strategic financing round, raising $12.5 million in a Series B venture capital financing. Additionally, Michael Eisner, former chairman and CEO of The Walt Disney Company, and Todd Dagres, managing partner of Spark Capital, will join the Veoh Networks board of directors.
New investors Spark Capital, Time Warner Inc. and Mr. Eisner’s The Tornante Company joined existing investor Shelter Capital Partners in the financing. Messrs. Eisner and Dagres join Art Bilger, managing partner of Shelter Capital Partners and former vice-chairman of Akamai, and Dmitry Shapiro, founder and CEO of Veoh Networks, on the board of directors.
Veoh Networks delivers broadcast-quality entertainment and informational content via the Internet, using unique distribution technologies to allow for unlimited capacity for both long- and short-form programming. Veoh presents consumers with unprecedented choice in video and television content by enabling anyone - from the largest studio to up-and-coming independents to aspiring enthusiasts - to broadcast without constraints of cost, geography or capacity.
“Cable and satellite fundamentally changed the way television was distributed by creating the capacity for greater choice in programming. Veoh revolutionizes television again by leveraging the Internet to expand broadcast capacity to the point that every single user, whether an individual or a media company, can create their own ‘channel’ and every ‘channel’ can be supported by its own business model,” said Mr. Eisner. “In the past, distributing television programming required an enormous broadcast infrastructure. Veoh enables anyone with an Internet connection to distribute and receive programming in the highest quality.”
Rachel Lam, group managing director of Time Warner Investments, said: “Video delivery over the Internet is not a new concept, but the ability to deliver long-form, high definition programming and provide interactivity and community is an important differentiator. Veoh’s unique combination of technologies creates a strategic content distribution platform as well as the opportunity to greatly enhance the consumer’s experience with Internet-delivered video. We’re excited to be a part of that.”
Veoh Networks allows entertainment professionals and enthusiasts to distribute broadcast quality video content, while also providing a web-based catalogue, previews and community. Using Veoh, consumers harness the distribution power of the internet, while still watching content in full-screen quality on their PC, television or portable device, including iPods and PSPs.
“Spark sees Veoh becoming the ‘industry standard’ for the conflux of media, entertainment and technology,” said Todd Dagres, a managing partner at Spark Capital. “We believe Veoh will reinvent the way rich media is distributed, consumed and monetized.”
“The World Wide Web allowed anyone to distribute print information, fundamentally changing the media industry through unprecedented choice and new business models. Veoh’s mission is to do the same for video and television content,” said Dmitry Shapiro, founder and CEO of Veoh Networks. “We are extremely excited that we have been able to attract such a strategic, media savvy and experienced group of investors to support Veoh’s vision.”
To start broadcasting or watching media on Veoh, visit www.veoh.com.
# # # #
About Veoh Networks, Inc.
Veoh Networks is a new, innovative internet television broadcasting system that is able to reach hundreds of millions of broadband-connected viewers throughout the world. Veoh allows content producers from major entertainment studios and television networks to independent video producers and enthusiasts to deliver high-quality, full-screen video directly to consumers without financial, geographical or capacity restrictions found in traditional broadcasting systems. This democratization of video distribution fundamentally changes the dynamics of television, creating unprecedented choice for consumers and a compelling marketplace for content providers and advertisers. Veoh is privately held and backed by leading technology and media investors, including Spark Capital, Michael Eisner’s Tornante Company, Time Warner Inc. and Shelter Capital Partners. Veoh Networks is based in San Diego, California.