Technicolor’s Premier Retail Networks and the Restaurant Entertainment Network operator IndoorDirect have formed a joint venture to expand their digital channels into retailers and restaurants.
IndoorDirect co-founder Michael Winton and board member Charlie Rutman will operate the new venture, which could provide Hollywood with a new outlet to promote their properties.
The Restaurant Entertainment Network unspools on screens in more than 1,200 fast food restaurants across the U.S., including Taco Bell, Wendy’s, Denny’s, Carl’s Jr., Hardee’s and Arby’s. The network is viewed by more than 150 million consumers annually.
PRN’s own network plays in 8,550 retail locations in the U.S. and Mexico, including Albertsons, Costco, Jewel-Osco, Sam’s Club, Target and Walmart locations. Company’s major advertisers include the major film studios, TV networks, record labels and magazine and newspaper publishers.
Under the agreement, PRN will take a 50% equity position in the joint venture in exchange for an undisclosed capital investment. The remaining half is owned by a number of investors, with Syncom Venture Partners as the largest.
The duo hope to expand the network to 2,500 dining locations by the middle of the year.
PRN will also manage all advertising sales, programming and network operations, while IndoorDirect will contribute a host of assets, such as its brand name, existing dining venue agreements, technology infrastructure and personnel.
PRN and Dallas-based IndoorDirect previously brokered a strategic alliance in 2009 for PRN to provide national and regional advertising sales services for the Restaurant Entertainment Network.
“We value our successful relationship with PRN, and this commitment will help us further expand our platform, reach more diners and provide marketers a more effective way of reaching consumers throughout the day,” Rutman said.