Machinima, the videogame-focused YouTube multichannel network fresh off raising $18 million in funding led by Warner Bros., announced that Tony Vinciquerra — former CEO of Fox Networks Group — has joined the company’s doard of directors.
Vinciquerra is currently a senior advisor for investment firm Texas Pacific Group, advising on acquisitions and operations of TPG’s investing arenas. Prior to that, he was at Fox Networks for eight years, ankling as chairman and CEO in 2011.
Machinima this month laid off 42 employees in its ad sales group, or 30% of its workforce, in its third round of cuts in 15 months. The MCN has been losing viewers on YouTube over the last year, while it still claims to have 320 million subscribers worldwide on its original channels.
Machinima plans to use the $18 million capital infusion, which included participation from previous investors Google, MK Capital and Redpoint Ventures, to grow its audience on YouTube but also to produce more premium content for distribution off-YouTube, including potentially shows produced for TV.
“Having an executive of Tony’s stature and experience join our board of directors during this exciting new phase of strategic growth is invaluable to our organization,” Allen DeBevoise, co-founder and chairman of Machinima, said in a statement. “He is one of the most respected and accomplished media executives in the industry, and his experiences growing the Fox broadcast and cable networks groups over the past decade will help inform our content and ad sales strategy going forward.”
Added Vinciquerra, “As the broadcast industry continues to transition, there is not a more exciting place to be than Machinima. The fundamentals are all positive… The time is now to turn all of these positives into an even more thriving organization.”
Machinima is currently searching for a CEO to replace DeDevoise, who last year said he would relinquish the role.