Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Australia's Telstra buys video platform company Ooyala for $270 million

[August 12, 2014]  SYDNEY (Reuters) - Australia's largest telecommunications company Telstra Ltd said on Tuesday it had paid $270 million to buy out Silicon Valley-based video platform company Ooyala as part of a deeper push into digital media.

Telstra already owned 23 percent of Ooyala after investing $61 million over the past two years and will take its stake to 98 percent under the deal, assuming it is approved by U.S. regulators.

Ooyala provides cloud-based personalised video platform services to media companies including ESPN, News Corp and NBC Universal and is forecasting revenues of $65 million in 2014, according to a statement released by Telstra.

(Reporting by Lincoln Feast; Editing by Chris Reese)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.