JumpTV Buys Online Video Sports Network XOS For $60.25 million
By Rafat Ali - Tue 17 Jul 2007 04:32 PM PST
JumpTV, the Canadian online video/TV aggregator which recently raised $100 million in an AIM IPO, has bought a U.S. college sports broadband network for $60.25 million to expand beyond its portfolio of ethnic channels, reports Reuters. It will buy the broadband network business division of Orlando, FL-based XOS Technologies in a deal that also includes the payment of 3 million retention warrants to employees.
The XOS unit it sold develops and and maintains official websites for collegiate and professional sports teams, and streams NCAA games online...it says it has more than 150 official and exclusive relationships with U.S. colleges. The broadband unit generated about $2.45 million in revenue in the first five months of 2007, and logged an operating loss of $3.17 million in the same period. XOS will now focus on its other units which develop technology solutions for professional and collegiate sports teams, conferences, leagues and athletic administrators. It raised a $20 million round from Comcast Interactive Capital and others in 2005.
More details in release.
Posted in: Broadband, Countries, Canada, Entertainment, Sports, VC+M&A
