GrindTV, Sportnet Merge

Los Angeles-based GrindTV, a online sports-focused video site, and Los Angeles-based sports site Sportnet announced Thursday that the two will merge into a new company under the name Sportnet. Financial terms of the merger were not disclosed. According to the two companies, they will have their headquarters in El Segundo, with offices in Orange County and New York. Erik Hawkins, CEO and co-founder of GrindTV will serve as CEO of the firm; GrindTV co-founder and COO Greg Morrow will continue to serve as COO. GrindTV is venture backed by SoftBank Capital, and Sportnet is backed by Wasserman Media Group. According to the firms, Wasserman and SoftBank will collectively become majority shareholders of the combined company, with Wasserman's Casey Wasserman and Josh Swartz joining SoftBank's Eric Hippeau and Cindy Sperling on Sportnet's board.