NEW YORK — Gotham-based telco WinStar Communications announced plans Monday to invest $50 million in Wam!net, a business-to-business Internet-protocol network specializing in high-speed production services.
Agreement will provide Wam!net with the wireless technology needed to link media companies with partners in digital-content production and to accelerate the entertainment industry’s conversion from analog to digital technologies.
The deal also involves Wam!net’s purchase of WinStar’s broadband technology network for roughly $250 million over the next two decades.
“This strategic partnership is critical to Wam!net’s execution on its aggressive business plan,” said Wam!net chairman and CEO Edward J. Driscoll. “The WinStar wireless technology will allow us to deploy high bandwidth data services, which are particularly needed in the entertainment industry, where data volumes are exceptionally larger.”
WinStar Communications is the parent company to WinStar TV & Video, WinStar Cinema and WinStar New Media.