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PlayNetwork Acquisition of Channel M Becomes Official
November 02, 2009 -- REDMOND, Wash., BUSINESS WIRE --
PlayNetwork, a global leader in providing integrated media experiences for businesses, today announced that its acquisition of Channel M, the industry leading producer of customized in-store TV networks, closed on Friday, October 30, 2009. In addition to the transaction becoming official, the company announced that Peter Lee, former Chief Executive Officer of Channel M, will join PlayNetwork's Board of Directors, effective immediately.
Mr. Lee was appointed the CEO of Channel M in June 2009 after serving as the company's Chief Technology and Strategy Officer. Prior to joining Channel M, Mr. Lee was Vice President of Business Development New Technology at The Walt Disney Company in the Corporate Strategy, Planning and Technology Group. He also served as a consultant to Disney and Fox, advising on video-on demand strategies. Mr. Lee is a veteran of the video media arena, serving as the former CEO/president of GeoVideo Networks; CTO/COO of MyPotential; CTO/co-founder of Hitplay Media; and Global Development Executive for broadcast and advertising solutions at IBM.
'As we close the acquisition with Channel M and embark on our future together, we are excited to celebrate Peter Lee's addition to the PlayNetwork Board of Directors. He brings to the table immeasurable industry experience and a refined way of thinking creatively that will allow us to offer unique and innovative methods of extending brand affinity,' said Lon Troxel, Chief Executive Officer of PlayNetwork. 'Peter also brings the Channel M perspective that will help us continue to evolve that brand, along with our own, to redefine the business media marketplace and establish the most extensive service offering in the market.'
As a result of the merger, Darryl Wash, Managing Partner from Ascend Venture Group will also assume a seat on the PlayNetwork Board of Directors. Channel M founders David Teichner and Eric Hebel will join PlayNetwork's Executive Management Team as EVP of Business Development and Channel M Advertising Services and SVP of Creative Media Services, respectively.
'Channel M has proven effective at increasing brand awareness, influencing perceptions and driving sales. Our offering, merged with PlayNetwork's powerful music, messaging and video media managed services business, establishes a true brand innovator and pioneer in the industry,' said Peter Lee. 'I am thrilled at the opportunity to provide value and leadership as a member of the PlayNetwork Board of Directors.'
The company will maintain offices in Redmond, Wa., Sherman Oaks, Ca., New York and Chicago.
About PlayNetwork
Successful companies create experiences that bring their brand to life and touch consumers across multiple channels. PlayNetwork, Inc. specializes in the creation and distribution of entertainment media that connects the voice of the brand to the consumer across all touch points ' in-store, online and on device. Founded in 1996,PlayNetwork is the industry's leading integrated media provider for branded music, messaging,video, entertainment promotions and event media, systems integration services, and commercial XM Satellite Radio subscriptions. The company creates high-impact media experiences that drive consumer behavior and affinity, in-store and beyond. Working with many of today's hottest brands in the retail, hospitality, health and fitness, banking, and other business environments, PlayNetwork leads the way in creating media experiences that influence and inspire, making your brand relevant and engaging for the consumer. More information is available at www.playnetwork.com or www.xm4biz.com.
About Channel M
Channel M develops customized in-store television networks to drive sales in retail and lifestyle environments. By evaluating each retailer's goals, consumer dwell times and buyer behaviors, Channel M's in-house programming team creates content for in-store networks that enhances shopping experiences, increases store sales and generates revenue with targeted advertising and sponsored features. The Company's digital delivery platform offers on-demand updates, as well as localized programming and ad targeting features. Through its over 20 retail networks, Channel M offers advertisers access to millions of highly targeted consumers each month while they are actively shopping. Headquartered in Los Angeles, Channel M clients include Nordstrom, Marc Ecko, Steve Madden, Journeys and My Gym children's fitness facilities. Channel M is also a founding member of OVAB (Out-of-home Video Advertising Bureau). For more information on Channel M, visit www.channelm.com.