Discovery Communications has announced that it will acquire San Francisco-based digital online video provider Revision3.
“Discovery’s mission to ignite viewers’ curiosity and its history of pioneering new platforms, from cable to HD to 3D, make it the logical leader in this explosive new wave of digital video growth,” said JB Perrette, chief digital officer, Discovery Communications, in a statement. “With Revision3’s industry-leading management team and roster of great talent, we look forward to cultivating more original content and fresh personalities that resonate with passionate communities online and across all platforms, while enhancing our innovative marketing solutions for advertising partners.”
Revision3 is an independent internet digital video production company, with more than 23 million monthly unique viewers across 27 digital channels and boasts one of the 10 largest networks on YouTube and distribution with more than 40 other partners including iTunes, Google, AOL, Yahoo!, TiVo, Roku, Boxee, CNET and Zune.
“Revision3 has always focused on creating compelling programs featuring authentic hosts that sit at the center of engaged and targeted communities,” said Jim Louderback, CEO of Revision3. “We’re huge fans of Discovery’s networks, and couldn’t imagine a more appropriate company to team up with to develop the future of original web-based video.”
Kevin Rose (Digg, TechTV), Jay Adelson (Digg, Equinix) and David Prager (TechTV) founded Revision3 in 2005. Louderback, former editor-in-chief of PC Magazine and a veteran of TechTV, joined Revision3 as CEO in 2007. Louderback and team will continue their leadership of Revision3 under the new ownership structure.
The acquisition is subject to customary closing conditions, and the parties expect the closing to occur on or before June 1. No financial details of the transaction were disclosed.
