Freston, Dolgen see promise in online video
Former Viacom honchos Tom Freston and Jonathan Dolgen are signing up as investors for online-video company Veoh.Duo join Michael Eisner, as well as investment entities such as Goldman Sachs, Shelter Capital and Spark Capital, in putting money into the venture. Amounts Freston and Dolgen are investing were not disclosed. The influx from Freston and Dolgen caps a new round of funding for the company that has brought in about $25 million. Veoh topper Steve Mitgang said the pair, along with Eisner, would help “build bridges” to Hollywood. Veoh execs said the company is continuing to negotiate for content with studios and nets. Freston is investing via Firefly3, which is both investing in and consulting for media companies. Exec has kept a low profile since ankling his post as Viacom CEO last year. Dolgen, a former chairman of Viacom and a vet of studios such as Sony and Fox, is a principal in media investment firm Wood River and still serves as adviser to Viacom. Veoh is seeking to increase its competitive position under Mitgang, a Yahoo vet who came in several months ago to revitalize the company. Veoh touts content from Paramount, Lionsgate and a host of other entertainment providers but has been battling to increase its profile in a crowded online-video marketplace.