Television networks are always hungry for advertising revenues and bringing more digital content into the mix, to promote their shows and that of their clients. Comcast, the company that owns NBCUniversal and Comcast Cable, the largest video, high-speed internet and phone provider to residential customers in the US, has confirmed to the media that it has acquired FreeWheel, a distributor of advertising content on and offline for television networks for an undisclosed sum. However, the deal is reportedly worth $360m.
FreeWheel prior to the acquisition had raised $37m from investors including Foundation Capital, Battery Ventures, Disney’s Steamboat Ventures, and Turner Broadcasting. The recent deal will make a nice exit return for Steamboat Ventures and Turner Broadcasting that took part in a 2010 $16.8m venture round.
FreeWheel is one of the largest platforms used by TV networks and major video distributors to run adverts alongside their content online. Clients include ESPN, FOX, NBC Universal, Sky, Turner, Amazon and VEVO.
Comcast recently agreed to acquire Time Warner Cable for $45.2m.