17th Mar 2015 07:27
LONDON (Alliance News) - Sky PLC Tuesday said it has invested a further USD5 million in start-up internet TV company 1Mainstream, continuing a string of investments the British pay-TV operator has been making in companies it hopes are developing the technologies of the future.
Sky had already invested USD2 million in 1Mainstream, and its USD5 million top-up is in the form of convertible debt security. 1Mainstream plans to create a new subsidiary in which Sky will be a shareholder to focus on new product concepts.
"Since its initial investment, Sky has used the 1Mainstream's platform to significantly broaden distribution of its (over the top) services such as Sky News and NOW TV to its growing digital audience. Partnering with Sky has allowed 1 Mainstream to open up new relationships with media companies and operators around the world," Sky said in its statement.
Sky's further investment in 1Mainstream follows investments in cross-platform network Whistle Sports, online video aggregator Pluto.TV, and US ad tech firm Sharethrough.
By Steve McGrath; [email protected]; @stevemcgrath1
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