High-definition broadcaster and content producer HDNet has received a sizable investment from its president Mark Cuban’s former partner in Broadcast.com, Todd Wagner, CEO of production company 2929 Entertainment.
HDNet representatives declined to specify the size of the investment, saying only that it was “significant.”
The deal marks a payback of sorts, as Cuban, who owns the Dallas Mavericks, is also an investor in 2929.
After a successful IPO, Wagner and Cuban sold Broadcast.com to Yahoo! in 1999 for $5.7 billion.
Following on the investment, Wagner will consult with HDNet, providing strategic guidance, as well as explore partnerships between it and 2929.
“As we continue to expand HDNet’s lineup of entertainment and movie programming, Todd’s relationships in Hollywood will be a tremendous help,” said Cuban.
Airs ‘Heroes,’ ‘Sex’
HDNet already airs repeats of “Hogan’s Heroes,” to which 2929 holds the syndication rights, and the deal could bring it more from its new partner’s library, which includes “Sex and the City” and “Star Search.” 2929 got the rights to these shows after its acquisition of Rysher Entertainment.
2929 also holds stakes in Lions Gate and Magnolia Pictures and is a co-producer of several upcoming films, including Robert De Niro starrer “Godsend” and “The Criminal,” which it is making with Steven Soderbergh and George Clooney’s Section 8.
HDNet airs original news, sports and entertainment programming, as well as syndicated series and, on its HDNet Movies channel, feature films. Its high definition channels are available on DirectTV, Charter cable and soon on the DISH Network.