U.K.’S CARLTON TV PUTS $22 MIL IN WWW.COM
The pair will create a joint venture that plans to Webcast localized Internet radio throughout Europe, and then Australia, according to Webnoize.
WWW.com develops 250 originally programmed streaming audio channels, and says it distributes content to 17,000 Web sites worldwide.
Carlton is the largest commercial TV broadcaster in the United Kingdom. The company also owns half of ONdigital, a digital terrestrial television service offering 30 channels, and boasts one of the largest film libraries in the world.
Carlton's $22.6 million investment comes in two parts. The company made a $11.6 million cash investment in WWW.com, and will put another $14 million in the new joint venture, WWW.com Europe.
Under terms of the agreement, Carlton will also have a seat on the WWW.com board of directors. The executive team for the company has been assembled, and includes representatives from both companies.
According to WWW.com Vice President of Marketing Mike Romano, the company will use the investment to build WWW.com Europe's sales and marketing infrastructure, hire personnel and expand programming.
Carlton plans to generate revenue through WWW.com Europe by sharing revenues from sales of streamed music services, according to the companies.
