The Seven Media Group and TVNZ will likely be joined by a third investor in Australasian TiVo licencee Hybrid TV.
Crikey, the Australian media site that accurately predicted the TVNZ deal, says the Seven Media Group was always looking to sell two-thirds of Hybrid TV, the vehicle it set up 18 months ago to manage its exclusive TiVo license for Australia and New Zealand.
A spokeswoman for Hybrid in Australia last night told NBR that another investor could well join the party:
“I can confirm that both the Seven Media Group and TVNZ would welcome the opportunity to explore further investment from businesses that can play a strategic role in the success of the business."
Hybrid TV has created a board for the first time in the wake of its $A8 million deal with TVNZ.
TVNZ chief executive Rick Ellis and TVNZ CFO Rodney Parker will sit on the four-man Hybrid TV board, which will be chaired by James Warburton, Chief Sales and Digital Officer for Seven Media Group. Bruce McWilliam, Commercial Director for Seven Media Group, completes the board.
If a third investor does come onboard, and each company has a one third stake, then the board could be expanded to six.
And, of course, wiht its newly-minted directorships, TVNZ will have a say in determining the new investor.
"This is not just about us bringing TiVo to New Zealand," says Mr Ellis. "This is about us participating in an Australasian business."
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