MUMBAI: Washington DC-based digital film distributor SnagFilms has closed a $7 million equity and debt financing deal as part of its ambitious plans to accelerate the company‘s growth.
In addition to new equity, the company has arranged its first debt facility with Silicon Valley Bank. The deal will see veteran media and Internet executive Terry Semel and David Fialkow, co-founder and managing director of General Catalyst Partners joining the company as new investors.
Semel, who is also the former chairman of Former Yahoo Inc. and Warner Bros, will also join the company‘s board.
The new funding will be used by SnagFilms to extend a library of high-quality independent films that now numbers over 3000 titles and includes fictional films in addition to documentaries; to continue its technology development to provide films across all digital platforms and devices; and to market its films in all channels.
SnagFilms had expanded its library last besides increasing its presence on over 100 devices, including 95 per cent of all tablets, all Android smartphones, OTT devices and connected TVs, and throughout the web world on its website and extensive digital network of affiliated sites and blogs.
The company also significantly expanded its transactional platform distribution with Comcast and FiOS video on demand and with digital pay-on-demand platforms iTunes, Hulu, Amazon, YouTube Movies, and will soon launch on DirecTV and digital streaming providers Vudu, Samsung Media Hub and XBOX Live.
"After a phenomenal year of growth in 2011, SnagFilms is poised for even greater success in 2012," stated Ted Leonsis, SnagFilms‘ founder and chairman. "This new investment by all our current investors, along with new funding from two tech and media-savvy newcomers, are true testaments to our strong belief in SnagFilms‘ tremendous potential for long term success. Digital delivery isn‘t just the wave of the future — it is the driving force now for filmmakers to reach large audiences and spread their passion, and to create new revenue streams that make their next film possible."
"I have spent a long time at the intersection of films and new media," said Terry Semel, former Co-CEO and Co-Chair of Warner Bros and CEO and Chairman of Yahoo. "Movie studios don‘t have a monopoly on great stories, yet small distribution companies struggle to assemble the footprint necessary to reach a scale audience. SnagFilms has that base — the necessary contracts and relationships to distribute thousands of great stories, with the capital required to lead its field."
Tag: Terry Semel
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SnagFilms secures $7 mn financing deal
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Yahoo!, eBay form strategic partnership
MUMBAI: Internet powerhouses Yahoo! and eBay today announced a multi-year strategic partnership aimed at taking on the likes of search engine leader Google and Bill Gates’ software giant Microsoft.
A joint statement issued by the two companies says the partnership is “designed to mutually benefit both companies by better serving their user, merchant, and advertising communities in the US. The agreement consists of four major components in the areas of search and graphical advertising, online payments, a co-branded toolbar, and the opportunity to explore ‘click-to-call’ functionality.”
Yahoo! and eBay will begin to roll out the initiatives outlined in the agreement this year. This will include a testing phase that will take place over the next several months, with a plan to achieve full implementation in 2007.
According to the deal, Yahoo will be the exclusive third-party provider of all graphic ads throughout eBay’s auction site. Yahoo! and eBay have also agreed to collaborate on ways to increase the quality and comprehensiveness of Yahoo! Web search results for eBay.com.
Yahoo has also chosen eBay’s online payment system PayPal to allow its own customers to pay for Yahoo Web services. PayPal will be integrated and promoted as Yahoo!’s payment solution to Yahoo!’s merchants and publishers, which includes the Yahoo! Publisher Network, Yahoo! Search Marketing, Yahoo! Merchant Solutions and other small business services.
“Our consumers will benefit from the combination of Yahoo! and eBay’s leading technology and services, providing them with one of the best online experiences,” said Yahoo! chairman and CEO Terry Semel. According to Semel, the partnership offers an opportunity to extend the two companies’ sponsored search and graphical advertising reach on the Web,” he added.
Said Meg Whitman, eBay president and CEO, “Working together, we can create more exposure for our properties, which in turn makes them more valuable to our users.”
access.”