You will be redirected back to your article in seconds

Creative Planet gets $38 mil cash infusion

TMCT moola to fund tech delivery to film community

Creative Planet is expected to announce today that it has secured $38 million in a round of equity financing led by TMCT Ventures, whose Mark Menell joins the board of the online film production business venture.

Prior investors, including Frank Biondi’s Waterview Advisers, Chase Capital Partners, PaineWebber Capital, SunAmerica Investments, East River Ventures, Ares Management, Trekk Opportunity Partners, Robert Day and several of the Hillman Family Trusts, as well as J. & W. Seligman Funds, also contributed to the round.

Formed in 1990, TMCT Ventures is a $550 million venture capital fund focused on Internet- and tech-oriented businesses.

Creative Planet previously raised $25 million in October.

The company said the new funds will help drive its strategy to deliver technology solutions and resources for the film production community.

Develop assets

Specifically, funding will be used to expand the ongoing development and integration of Creative Planet’s technology and database assets, which include MovieMagic Producer (for development, budgeting, scheduling and project management tools), Studio System and e-commerce efforts with Commerce One.

“We’re focusing all of our attention on all three of these services — on technology systems and customer service systems that focus on production management efficiencies,” said Allen DeBevoise, chairman and CEO of Creative Planet. “Creative Planet has always been committed to bringing to market the applications and resources creative professionals require. With this new investment, it is exciting to see that leaders within the investment community share our same vision.”

DeBevoise denied rumors that the company plans to layoff a considerable number of its staff and in fact stressed that it would “add employees before the end of the year.”

Menell, a partner at TMCT, was a former co-head of technology mergers and acquisitions at Morgan Stanley.

“Creative Planet’s combination of traditional, offline applications and forthcoming Web-based solutions positions it as a first mover in developing technology solutions within the entertainment market space,” Menell said.

Creative Planet’s board includes Jack Valenti, chairman and CEO of the Motion Picture Assn. of America; and Biondi, former CEO of both Viacom and U; as well as Ted Leonsis, prexy, Interactive Properties Group, America Online Inc.; Stuart Wolff, CEO of Homestore.com; and Alan Meckler, CEO of Internet.com.

More Digital

  • Evan Williams, Twitter founder (R) and

    Twitter Co-Founder Evan Williams Steps Down From Company’s Board

    Twitter co-founder Evan “Ev” Williams is stepping down from the company’s board, Twitter announced in a SEC filing Friday afternoon. Williams will depart from the board at the end of this month, according to the filing. “It’s been an incredible 13 years, and I’m proud of what Twitter has accomplished during my time with the [...]

  • Facebook Logo

    Facebook Shuts Down Controversial Ovano VPN App

    Responding to a continued backlash over its data collection practices, Facebook pulled the plug on its Ovano VPN app Friday. Ovano, which promised users an added level of privacy while using public Wifi hotspots, was used by Facebook for market research purposes. Facebook removed the app from the Google Play store Friday, and the company [...]

  • Smosh

    Smosh Acquired by Rhett & Link's Mythical Entertainment

    UPDATED: Smosh, the long-running YouTube comedy brand, has been acquired by Mythical Entertainment, the company formed by Rhett & Link, hosts of comedy show “Good Mythical Morning.” As first reported by Variety last week, Mythical emerged as the leading candidate to buy Smosh, which was left stranded after parent company Defy Media shut down without [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Roku headquarters

    Roku Aims to Top $1 Billion in Revenue in 2019, Beats Holiday Quarter Earnings Expectations

    Roku wants to become a billion-dollar company in 2019, and invest more in its ongoing international expansion. The streaming-device maker told investors on Thursday that it expects to generate between $1 billion and $1.025 billion this year, and that international growth was one of its key investment areas for 2019. Roku made these announcements as [...]

  • Vice Media

    Vice Media Taps Joe Simon as Chief Technology Officer (EXCLUSIVE)

    Joe Simon has been tapped as chief technology officer at Vice Media. The newly created role will include oversight of data analytics, engineering, information technology, media operations, media technology, post production, and systems management. Prior to Vice, Simon spent three years as Encompass Digital Media’s chief operating officer. Previously he held the chief technology officer [...]

More From Our Brands

Access exclusive content