Tom Freston and Jonathan Dolgen Join Michael Eisner on Powerhouse Veoh Investor Team
September 12, 2007
LOS ANGELES, CA – September 12, 2007 – Veoh Networks (www.veoh.com) the leading innovator in Internet Television, today announced that several major influencers in the media, entertainment and finance industries have joined Veoh's team of prestigious investors as the company further develops its VeohTV offerings and pursues new content partnerships to deliver high-quality online video experiences to viewers.
Along with lead investor Goldman Sachs, Veoh's new backers include former Viacom and MTV Networks CEO Tom Freston's Firefly3 LLC and Jonathan Dolgen, former Chairman and Chief Executive Officer of Viacom Entertainment Group. With previous financial backers Shelter Capital Partners, Spark Capital, Michael Eisner's Tornante Company, and Time Warner Investments, Veoh's impressive roster of supporters represents some of the most respected entities in media today.
"As Internet television is becoming an increasingly large part of viewers' media experience, it's important for traditional and new media companies to work together to deliver the most engaging content possible," said Steve Mitgang, CEO of Veoh Networks. "These new team members, along with our existing advisors, will help us build the bridges between historic and emerging media business models that are necessary to drive even more innovation and greater variety in Internet Television."
The addition of Freston, Dolgen, and Goldman Sachs to the Veoh investor team underscores a pivotal time in the television industry, in which traditional media leaders are joining forces with Internet television experts to redefine the media landscape.
Peter Perrone, Vice President at Goldman Sachs, commented, "Veoh is a clear leader in Internet television. Their rapid traffic growth reflects a unique and innovative platform that offers tremendous value to consumers, publishers, and advertisers. We look forward to helping drive this next phase of growth."
"The Internet has shifted television programming into the hands of viewers, creating a challenge for major media companies that have developed content around historic viewing models. With its unique technology and its expertise across both traditional and new media, Veoh is in the best position to partner with content owners and help them deliver their high quality programming to the vast viewing audience online," says Art Bilger, Managing Member of Shelter Capital Partners.
Veoh's Series C funding round closed in August 2007, garnering $25 million in financing. The company's user base continues to grow, reaching 18 million unique users in August 2007 – a 307% overall rise in traffic since Veoh launched in February 2007 with a 4.4 million user base.
About the Investors
is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
Shelter Capital Partners
is a Southern California based private investment fund principally focused on investing in early stage technology-enabled companies in the media, wireless/communication, and enterprise software industries. Shelter's involvement in Veoh dates back to the company's early financing in 2005.
, with $622 million in funding, is focused on the conflux of content, distribution and technology. Spark teams with entrepreneurs to build businesses that transform the distribution, management and monetization of media and content. Spark's General Partners are successful natives of the media and technology industries having held senior positions at Sony Entertainment, Blockbuster, Matsushita, Lion's Gate, and Turner Broadcasting. Our experience in Venture Capital includes a proven track record of identifying and building market leading companies such as: Aether Systems, Akamai, BigBand, Broadbus, College Sports Television, Qtera, and the Platform. To learn more, visit www.sparkcapital.com.
Michael Eisner's Tornante Company
, founded in 2005 is a privately held company that makes investments in and incubates companies and opportunities in the media and entertainment space.
Time Warner Investments
group targets non-control strategic investments that have a clear impact on Time Warner's divisional operations and directly enhance the Company's ability to meet specific strategic goals. Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.
Tom Freston's Firefly3 LLC
, a private company that invests and consults in the media and entertainment businesses. Tom Freston served as President and Chief Executive Officer of Viacom (NYSE: VIA) from January 1, 2006 to September 5, 2006. Previously, he was Co-President and Co-Chief Operating Officer of the former Viacom Inc., a predecessor of the Company, since June 2004. Prior to that, Mr. Freston was Chairman and Chief Executive Officer of MTV Networks since 1987. Under his leadership, MTV Networks grew to reach 164 countries through 100 channels worldwide, including MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, TV Land, Spike TV and CMT, among many others.
has been Senior Advisor to Viacom, Inc. since July 2004. Since July 2004, Mr. Dolgen has also been a private investor and since September 2004, Mr. Dolgen has been a principal of Wood River Ventures, LLC, a private start-up entity that is seeking investment and other opportunities primarily in the media sector. Since October 2004 he has served as a director of Charter Communications, Inc and since August 2005, has served as a director of Expedia, Inc.
Mr. Dolgen served as Chairman of the Viacom Entertainment Group from April, 1994 until July of 2004. Mr. Dolgen began his career in the entertainment industry in 1976, and prior to joining the Viacom Entertainment Group, served in various executive positions at Columbia Pictures Industries, Inc., Twentieth Century Fox and Fox, Inc. and Sony Pictures Entertainment.
About Veoh Networks
Named one of AdWeek's Top 10 Digital Hotlist sites in 2007, Veoh Networks is an innovative Internet Television company that delivers broadcast-quality video programming via the Internet.
The Veoh Networks' portfolio includes Veoh.com - one of the most popular video hosting services on the Internet with over 85,000 content publishers – from Lions Gate, PBS, NCAA Football, National Lampoon, Road and Track and Us Magazine to thousands of independent filmmakers and content producers – that currently attracts over 16 million unique users per month, and VeohTV – a free downloadable application that turns online video into Internet Television. VeohTV makes it easy to turn any computer into a digital video recorder that allows viewers to watch and record shows from thousands of Internet video sources. For advertisers, Veoh offers compelling ways of engaging with a targeted audience and measuring performance of their ad buys.
Veoh Networks is a privately held company that is backed by leading technology and media investors, including Goldman Sachs, Shelter Capital Partners, Spark Capital, Michael Eisner's Tornante Company, Time Warner Inc., Tom Freston and Jonathan Dolgen. The company's principal offices are in Los Angeles and San Diego, California.