CONCERT.TV is Mag Rack’s Second On-Demand Television Network Acquisition Since October
NEW YORK, January 27, 2009 – Mag Rack Entertainment, an interactive television, web and mobile entertainment company, announced today that it has acquired CONCERT.TV, the video-on-demand (VOD) television network dedicated to live music performances and documentaries. With today’s acquisition, Mag Rack adds its second on-demand television network to its growing roster of VOD networks, following its acquisition of the Lifeskool VOD network from Rainbow Media in October 2008.
First launched in 2003, CONCERT. TV was the first digital network dedicated to live music and the lifestyle that surrounds it. The network reaches nearly 30 million television homes via Comcast, Charter, Cox, DirecTV, and other cable TV operators. Moving forward, CONCERT.TV will continue to deliver quality live music performance and lifestyle programming from acts ranging from Alicia Keys to ZZ Top, from every genre to every generation.
“CONCERT.TV is a terrific brand for music lovers and we are thrilled to add it to our growing portfolio of VOD networks, which provide users with free, quality programming in the comfort of their living rooms,” said Joe Covey, CEO of Mag Rack. “We intend to continue growing Mag Rack through further acquisitions of TV, web and mobile properties.”
“CONCERT.TV was a pioneer as one of the nation’s first VOD networks,” said Jeff Shultz and Michael Shimbo, co-founders of CONCERT.TV. “Mag Rack’s acquisition of CONCERT.TV will help propel the network through its next stage of growth. We are very pleased that they will continue the tradition of creating unique value for cable and satellite operators as well as brand advertisers.”
Financial terms of the transaction were not disclosed.
About Mag Rack Entertainment, Inc.
Mag Rack Entertainment Inc., formed in 2008, is a New York-based media company focused on delivering interactive and personalized media to consumers via TV, mobile devices and the Internet. For further information, go to www.magrackentertainment.com
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