Tuesday, October 20, 2009
Channel M Acquired By PlayNetwork
In what looks like a continuing consolidation for the out-of-home media industry, Los Angeles-based Channel M has been acquired by PlayNetwork. Financial terms of the acquisition were not disclosed. Channel M is a producer of content for in-store TV networks; PlayNetwork is a developer and distributor of entertainment to retails. According to the firms, the deal includes investors Chartwell Capital Management, Talon Asset Management, and Joshua Green Corporation, as well as new investment involvement from Vintage Fund Management, Ascend Venture Group, and Intel Capital--all prior investors in Channel M. PlayNetwork said that Ascend's Darryl Wash will join the board as part of the acquisition, with Channel M's founders, David Teichner and Eric Hebel, joining as part of the company's management team. The firm will continue to maintain offices in Sherman Oaks.