Video provider stacked with ex-TV exex
The FeedRoom, an Internet news site that provides videos to Netizens with broadband access, gobbled up $30 million in its second round of funding Tuesday, with NBC and Tribune Ventures among the top investors.
The Netco is stacked with former TV execs, including Jonathan Klein, formerly executive veepee at CBS News; Matthew Shapiro, previously veepee of network development at NBC; Rob Barrett, formerly veepee of Primedia’s Channel One Interactive; and Jay Fine, formerly senior veepee and general manager of East Coast broadcast operations for CBS.
Venture capital firm Warburg, Pincus Equity Partners, the lead investor in the round, will take two seats on the FeedRoom’s board of directors alongside Peter Lund, former CEO of CBS Television, and Chip Austin, previously CEO of Bertelsmann Online.
Besides giving coin to the FeedRoom, NBC and Tribune Ventures have entered into an agreement where they will develop co-branded Web sites with the Netco for their local television stations.
“We looked at several companies with similar capabilities and found that the FeedRoom’s tool set provided the best technology and the best service,” said Jay Ireland, prexy of NBC Television Stations Group. “Our partnership with the FeedRoom will enhance NBC’s owned-and-operated stations’ Web sites by enabling us to reach broadband users in a compelling way.”
The FeedRoom converts news from the networks, local TV and cable stations and independent producers into a digital format that can be viewed online. The service gives Netizens the option of customizing the kind of news they want to see and to search through an archive for older footage.
“In the midst of a marketwide shakeout, to be endorsed by bedrock institutions like Warburg, Pincus, Tribune Ventures and NBC, with their vast media expertise, is an enormous boost and an important signal to our other potential partners,” Klein said.
The FeedRoom is based in Gotham and was launched earlier this year.