Ampex Unit iNEXTV Increases Interest in Internet Video Subsidiaries; Plans Include Increased Focus on iNEXTV Brand
BUSINESS WIRE - February 23, 2001 08:31
NEW YORK, Feb 23, 2001 (BUSINESS WIRE) -- iNEXTV Corporation, the premier producer, aggregator and syndicator of video programming for the Internet and a wholly-owned subsidiary of Ampex Corporation (Amex:AXC), today announced that it has increased its investments in Alternative Entertainment Network, Inc. (AENTV.com) based in Los Angeles and TV1 GmbH (tv1.de) of Munich, Germany.
With the new stock purchase, iNEXTV's ownership of AENTV increases to approximately 75% with the option to acquire an additional 10% of the company. AENTV currently produces online video hits such as The Billboard Minutes, The Hollywood Reporter Minutes, and Chix on Flix, and will use the new funding to continue its development of original online video programming. Drew Cummings will become the vice president of West Coast Programming & Production for iNEXTV and will also continue as president of AENTV.
TV1 is Germany's leading webcaster, providing webcasting, encoding and hosting services to corporations including Daimler Chrysler and Intel, as well as for the German version of the CBS hit TV show Big Brother. The company also operates its own web video portal, and will be expanding into coverage of financial news from its new studios at the Frankfurt Stock Exchange. iNEXTV's investment will increase its ownership to 35% and will enable TV1 to continue its successful strategy in the German online video market, the largest in the European union.
iNEXTV also announced it will concentrate on the iNEXTV brand with regard to its online programming in the United States. All syndicated content produced by iNEXTV and AENTV will appear under the iNEXTV brand, and will be encoded and hosted by iNEXTV using the proprietary encoding technology developed by its parent, video pioneer Ampex Corporation.
"Putting all of our content under a single brand allows us to gain maximum visibility with advertisers and syndication partners," said iNEXTV chairman Edward J. Bramson. "This move highlights the breadth of our programming -- from entertainment and lifestyle to politics and business, and makes all of it available using our superior picture quality. iNEXTV's syndication network has grown dramatically since last fall and we have deals in the works to expand it even further."
iNEXTV programming is encoded, hosted and streamed via its custom player window streaming and advertising video interface. The player window utilizes Ampex's proprietary video technology to provide high quality video with multi-level advertising and branding opportunities. All of the programming is accessible to users of Microsoft Media Player (Nasdaq:MSFT) and Real Networks Real Player (Nasdaq:RNWK).
About iNEXTV
iNEXTV Corporation, (www.inextv.com), is the premier producer, aggregator and syndicator of video for the Internet, and is a wholly-owned subsidiary of Ampex Corporation (Amex:AXC). iNEXTV's syndication network reaches more than 20 million unique users via its distribution partnerships with iWon, AskJeeves, Alta Vista, Juno, Qwest and ClassicCars.com among others. Headquartered in New York City, iNEXTV produces and syndicates original Internet video programming from its production facilities in New York, Los Angeles and Munich, Germany. Programming categories include politics and business, exotic travel, fashion, automotive and entertainment -- showcasing iNEXTV's superior streaming technology with content. For more information about iNEXTV and its programming, syndication and advertising offerings, please visit us at www.iNEXTV.com.
(Minimum requirements to view iNEXTV webcasts: RealPlayer(R) software, available for free download at www.real.com and at least a 28Kbps connection to the Internet, but 56Kbps is recommended. If you experience problems downloading the software or viewing site content, please send an email to techsupport@inextv.com.) |
