Internet television pioneer Revision3 has agreed to terms with Discovery Media regarding an acquisition according to both parties. TheSan Francisco based company which was founded in 2005 as a collaborative effort between Digg.com alumni Kevin Rose and Jay Adelson along with TechTV founders David Prager and Jim Louderback (current CEO) is the first such network to be acquired by a major cable network.
A prominent part of the deal hinges on the fact that Revision3 will maintain its current management structure in line with the old adage that it is best to not mess with a good thing. Other details have thus far been kept undisclosed and should remain so until the anticipated closing day of June 1, 2012. The deal is believed to be in the $30-40 million dollar range, which is in our humble opinion quite the deal for Discovery Media given that Revision3’s 27 programming channels bring in a stellar 100 million monthly video views from 23 million unique viewers. Those numbers are comparable to several large and well-known cable television networks.
The web-based network produces a wide array of content ranging from technology and video games to comedy, pop culture and music. What makes the company such a hit with its viewership is the fact that content is made readily available in most digital platforms including but not limited to Tivo, Google TV, iOS, Andriod and HTML 5 video players. The distribution platform list is equally impressive, with names such as YouTube, Facebook and iTunes making the content easy to access.
The deal would bring Discovery Media another considerable piece within its umbrella which also features The Discovery Channel, TLC, Animal Planet, and the Oprah Winfrey Network (OWN). It would however represent the company’s first foray into internet-based television, something the company is extremely excited about.
“Discovery’s mission is to ignite viewers’ curiosity and its history of pioneering new platforms – from cable to HD to 3D – make it a logical leader in this explosive new wave of digital video growth” shared Discovery’s chief digital officer, JB Perrette in an official statement regarding the deal.
We at TQ couldn’t agree more. Although Revision3 has yet to release financials since its inception, the company did state that revenues were up 53 percent in 2011 year over year, meaning Discovery could be striking at the right time in an emerging industry. Thus far, Revision3 generate their revenue streams from advertising and in-show sponsorship.
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