RAINBOW MEDIA SELLS LIFESKOOL
VOD Business Acquired By
Entertainment & Technology Execs Joe Covey and Matthew Davidge
New York, NY (October 8, 2008) – Rainbow Media Holdings LLC announced today that it has completed the sale of its Lifeskool video-on-demand service to long-time media, entertainment and technology entrepreneurs Joe Covey and Matthew Davidge, who will operate the business using the network’s previous brand name, Mag Rack Entertainment. Lifeskool is an on-demand television network dedicated to helping individuals make the most of their lives with entertaining and exclusive content that inspires and informs.
In a joint statement, Messrs. Covey and Davidge said, “As the consumption of time-shifted viewing and interactive content spirals upwards, Lifeskool will stay on and sharpen the cutting-edge of the viewing experience.”
“Joe and Matthew have a strong track record of developing media and technology businesses and finding new and innovative ways to grow them,” said Dan Ronayne of Rainbow Media. “We wish them much success with Lifeskool in the years ahead.”
Mr. Covey has operated and invested in venture-backed media, communications and technology companies for more than a decade. He was president of onebox.com, which was acquired by J2 Global Communications. He was also an Entrepreneur-in-Residence at Milestone Venture Partners, the Manhattan-based VC fund. Mr. Davidge has worked in film and television for 10 years. He spent the past eight years as a management consultant advising major media companies, including MTV Networks and Rainbow Media, on digital media strategy and emerging technology.
Financial terms of the transaction were not disclosed.
Rainbow Media Holdings LLC
Rainbow Media Holdings LLC is a subsidiary of Cablevision Systems Corporation (NYSE: CVC). Rainbow Media is a leading producer of targeted, multi-platform content for global distribution, creating and managing some of the world’s most compelling and dynamic entertainment brands, including AMC, IFC, WE tv, Sundance Channel and VOOM HD Networks. Through IFC Entertainment, Rainbow Media also owns and manages the following: IFC Films, a leading distribution company for independent film; IFC Productions, a feature film production company that provides financing for select independent film projects; and IFC Center, a three screen, state-of-the-art cinema in the heart of New York’s Greenwich Village. Rainbow Media also operates Rainbow Advertising Sales Corporation, its advertising sales company; Rainbow Network Communications, its full service network programming origination and distribution company; and 11 Penn TV, a company that manages Rainbow Media’s NYC studios and post-production facilities.
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.
For More Information, Please Contact:
Wendy Simmons for Mag Rack Entertainment