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| AOL acquires StudioNow |
| Wednesday, 27 January 2010 00:00 |
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AOL has acquired streaming media company StudioNow, it has emerged.
The firm purchased StudioNow for $36.5 million (£22.5 million) in cash and stocks and plans to merge StudioNow technology into Seed.com in order to expand its offerings. StudioNow, which provides an online platform for creating, storing and distributing video, will continue to offer its online platform services to commercial companies. However, AOL will integrate StudioNow's production into its own in-house production. The company hopes to generate revenue by creating large amounts of relatively cheap video content. Tim Armstrong, chief executive and chairman of AOL, said: "Premium original video creation is a fundamental part of AOL's strategy to offer consumers world-class, stimulating content at scale. "The integration of StudioNow into Seed.com will enable us to increase our video content/offerings significantly." Last month, AOL announced that it will cut some 1,400 jobs after failing to convince 2,500 employees to take voluntary redundancy.  |