AOL acquires StudioNow for $36.5 mil
Will integrate it into content management system Seed.comNEW YORK -- AOL Inc. is continuing its investment into content and content technology. The company said Monday it has acquired StudioNow, a platform for online video creation and distribution, for $36.5 million in cash and stock.
AOL will integrate it into its recently launched content management system Seed.com.
The online firm said that StudioNow will also continue to develop its existing business as a provider of online video creation, management, storage and syndication services to various companies.
"Premium original video creation is a fundamental part of AOL's strategy to offer consumers world-class, stimulating content at scale and the integration of StudioNow into Seed.com will enable us to increase our video content/offerings significantly," said AOL chairman and CEO Tim Armstrong.
Founded in Jan. 2007, StudioNow has its headquarters in Nashville, Tenn. It has a national network of more than 3,000 creative professionals who develop and produce professional video.
AOL also said it is looking for a new chief technology officer and has hired Jeff Reynar as head of technology for engineering and products in New York.
His job will be to build out and manage AOL's New York Technology Center.
Reynar, 40, is the co-founder of DBT Labs, a company that built a social search service.