FOTV Media Networks, the Internet-video conglomerate owned by billionaire Alki David, is continuing its roll-up strategy with the acquisition of OVGuide, a website that maintains a directory of online video content.
The Beverly Hills-based company is bringing the OVGuide business together with FilmOn TV Networks, which provides more than 800 channels of licensed and original programming, and CinemaNow, the movie and TV digital-download service that FilmOn acquired earlier this year.
FOTV is paying at least $10 million for OVGuide, according to a source familiar with the deal. OVGuide, founded in 2007, had raised about $8 million from a group of investors led by Barroda Ventures, according to Crunchbase.
“With OVGuide, the FilmOn ecosystem expands to offer everything the consumer could want,” said FOTV CEO Alki David.
OVGuide’s site provides links to and information on 10,000 free, ad-supported free full-length movies and TV shows, as well as short-form content like viral videos and trailers. OVGuide directs visitors to wherever the content is available, such as Amazon Prime, Apple’s iTunes or HBO Go, and also operates a network of 19 channels on Roku.
With the acquisition, OVGuide plans to expand the distribution of FilmOn original content including feature films, talk shows and the shows from its Hologram USA division including those featuring recreations of Billie Holiday, Whitney Houston and Andy Kaufman. FOTV also plans to distribute FilmOn’s library of over 40,000 titles including classic movies and TV shows and documentaries via OVGuide.
“The combination of FilmOn and OVGuide represents a truly complimentary strategic deal and we couldn’t be more supportive of the merger as long-term investors and believers in the space and in OVGuide,” added David Bohnett, the founder of Baroda Ventures, the main institutional investor in OVGuide.
Among its other deals, Beverly Hills-based FilmOn last year purchased digital music distribution platform MondoTunes and inked a multi-show deal with Endemol Shine North American and Just Entertainment Studios.