Layer3 TV, a US-based cable television provider whose investors include corporate-backed joint venture Evolution Media, is set to be acquired by mobile network operator T-Mobile.
Financial terms of the transaction have not been disclosed. The announcement was made at the same time as T-Mobile revealed it is gearing up to launch a television service in 2018 that will integrate Layer3’s technology.
Founded in 2013, Layer3 TV operates a service that integrates premium cable broadcasters with internet-enabled video. Its set-top box includes a range of features such as wireless 4K video streaming across the home, and the ability to record up to eight shows at once.
Layer3 TV has raised more than $80m in funding, according to a statement in 2015, the same year it secured $51m in series B capital according to a securities filing, adding to a $21m series A round in 2014 co-led by EMP and North Bridge Venture Partners.
EMP is as an investment and advisory firm established by film and TV production company Participant Media, talent agency Creative Artists Agency (CAA) and TPG Growth, the growth equity branch of private equity group TPG.