NEW YORK, Oct. 26, 2016 /PRNewswire/ -- To accelerate OTT
video efforts and roll out of enhanced content discovery and
innovative features, Verizon Communications Inc. (NYSE, Nasdaq: VZ)
today announced it has signed an agreement to acquire the
technology and software that underlies Vessel's online video
subscription service, which provides early access to videos from
online video stars, and to hire most of Vessel's employees. Led by
an exceptional executive talent pool and technology team, including
some of the original founding team at Hulu, Vessel has developed
smart video platforms that provide experiences that match today's
viewer demand.
Terms of the transaction have not been disclosed. The
acquisition is subject to the satisfaction of several closing
conditions and is expected to close later this month.
"When we examined and evaluated all that the Vessel team has
executed to date and their technical strengths in areas of content
discovery, recommendation, OTT subscription management and user
experience management we were able to identify a number of ways
this was a smart pairing," said Chip
Canter, GM of Verizon Entertainment. "With Richard Tom
leading technology and operations and Lonn
Lee heading up product, we have the upmost confidence in our
ability together to rapidly execute and enhance our products."
"We are incredibly excited to have the opportunity to help shape
the future of video on a dramatically larger scale with Verizon,"
said Richard Tom, Co-founder and CTO
at Vessel. "We are grateful for their confidence in our technology,
product and team as well as their commitment to the innovation
ahead in online video."
Today, Verizon's multi-platform video strategy is driven by
unmet customer and advertiser needs and matches the trends of
increasing wireless video traffic and decreasing large bundle
demand. Verizon is committed to providing content from the
industry's top creators on a mobile-first distribution platform
both on and off the Verizon network.
About Vessel
Vessel, headquartered in San
Francisco, is an online short-form video subscription
platform. The service launched in 2015 and has paying subscribers
in 155 countries, providing early exclusive access to digitally
native video. Vessel was created and is operated by members of
the founding team that built and developed Hulu over its first six
years.
Vessel's lead investors are Benchmark Capital, Greylock
Partners, Bezos Expeditions (the personal investment vehicle of
Jeff Bezos), and Institutional
Venture Partners.
About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York City, has a diverse
workforce of 162,000 and generated nearly $132 billion in 2015 revenues. Verizon operates
America's most reliable wireless network, with 113.7 million retail
connections nationwide. The company also provides communications
and entertainment services over mobile broadband and the nation's
premier all-fiber network, and delivers integrated business
solutions to customers worldwide.
VERIZON'S ONLINE NEWS CENTER: News releases, feature stories,
executive biographies and media contacts are available at Verizon's
online News Center at www.verizon.com/news/. News releases are also
available through an RSS feed. To subscribe, visit
www.verizon.com/about/rss-feeds/.
Media contacts:
Deidre
Hart
908.559.3483
deidre.m.hart@verizon.com
Jerry Rizzo
862.217.0506
gerald.rizzo@verizon.com
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SOURCE Verizon