New York-based Global Media Services this morning announced a combination with Seattle-based GridNetworks, confirming our earlier report that GMS had struck a deal with the online video distribution startup. A news release from the company characterizes the transaction as a merger, without disclosing financial terms.
The immediate impact on GridNetworks' Seattle operations wasn't clear from the release. GridNetworks founder Jeff Payne is named as one of the executives on GMS' senior management team. GridNetworks CEO Tony Naughtin is not named in the release. We reported previously that Naughtin had left the company.
Backed by Comcast, Cisco and others, GridNetworks raised $9.5 million in October 2007. The company offers a technology that promises to cheaply and efficiently distribute online video, including HD-quality movies and television shows.
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