Australia’s Telstra buys video platform company Ooyala for $270 million-Reuters

(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.

Leave a Reply

PEHUB Community

Join the 12505 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget