On Air Now

Listen

Listen Live Now » 101.9 FM Sioux Falls, SD

Weather

Current Conditions(Sioux Falls,SD 57104)

More Weather »
71° Feels Like: 71°
Wind: SSW 15 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Clear 47°

Tomorrow

Mostly Sunny 74°

Mon Night

Partly Cloudy 55°

Alerts

Australia's Telstra buys video platform company Ooyala for $270 million

SYDNEY (Reuters) - Australia's largest telecommunications company Telstra Ltd said on Tuesday it had paid $270 million to buy out Silicon Valley-based video platform company Ooyala as part of a deeper push into digital media.

Telstra already owned 23 percent of Ooyala after investing $61 million over the past two years and will take its stake to 98 percent under the deal, assuming it is approved by U.S. regulators.

Ooyala provides cloud-based personalised video platform services to media companies including ESPN, News Corp and NBC Universal and is forecasting revenues of $65 million in 2014, according to a statement released by Telstra.

(Reporting by Lincoln Feast; Editing by Chris Reese)

Comments