Ampex Takes Majority Interest in TV Onthe WEB; Increased Investment in Leading Internet Video Provider Furthers Company's Strategy of Creating Television for the Web
REDWOOD CITY, Calif--(BUSINESS WIRE)--May 18, 1999--Further expanding its position in Internet video, Ampex Corp. (Amex:AXC), one of the world's top providers of visual information technologies and an increasing presence in the online video market, announced today that it has exercised its option to purchase a majority interest in TV onthe WEB, Inc., www.tvontheweb.com, a leading Internet video provider.
Closing is anticipated shortly. In January 1999, Ampex purchased approximately 20% of the capital stock in TV onthe WEB. Terms of the investment were not disclosed.
The increased investment in TV onthe WEB is just the latest move in Ampex's strategic initiative to assemble a network of targeted video-driven sites on the Internet.
Long a leader in quality and technological innovation in the visual information industry and a participant in the Internet revolution since its early days, Ampex is leveraging its core expertise in image-based markets to bring the power of television to the Internet.
"TV onthe WEB has demonstrated itself as a company that shares our vision of the future of Internet video," said Edward J. Bramson, Chairman of Ampex Corporation.
"Our increased investment represents our commitment to both the TV onthe WEB business model and the growth of Ampex as a leader in Internet video. TV onthe WEB will be a partner in our strategy to create an Internet video network that will be the next generation of TV and we look forward to working with them to expand the breadth and scope of their online capabilities."
Ampex is developing an Internet video network which will create television for the web. It will focus on producing and delivering content to targeted online audiences that is distinct from repurposed television programming for the web.
The Company is engaged in discussions to add even more Internet video production and distribution operations in major U.S. and overseas cities through strategic investments and acquisitions along with a number of internal development projects.
TV onthe WEB is recognized worldwide for its full-service live webcasting capabilities and as a pioneer in the technique of web narrowcasting with the first community-based interactive television network on the web.
The company utilizes streaming video technology to deliver material such as live webcasts to a wide range of consumer, corporate and government users and offers turnkey service including digital video production, compression and archiving.
TV onthe WEB currently produces and operates, in conjunction with several sponsored web-based video "channels" such as the Air & Space Channel and the Producers' Channel, which stream focused-interest content either live or on demand from video archives.
In recent weeks TV onthe WEB has announced a number of significant alliances and groundbreaking webcasts. The company has joined with World Vision, the world's largest privately-funded Christian relief and development organization, to launch the Children's Relief Channel, dedicated to raising awareness of hunger and development needs around the globe.
It also signed an agreement with Melita Cable TV PLC, Malta's national cable company, to build a European video and web production facility known as "TV onthe WEB-Europe." TV onthe WEB also brought Broadway to the Internet with a live webcast of opening night activities surrounding the premier of the much anticipated and highly regarded musical "Civil War."
|
