Online Video Vets Take $10M Stake in Broadband Enterprises

by mtippett | January 17, 2008 at 09:57 am | 534 views | add comment

Ross Levinsohn, FOX Interactive Media - 'We've bought someone in this room'

The guy who persuaded Fox to pay 500 million for myspace back when everyone thought it was crazy has now put his money behind Broadband Enterprises. The company is said to be, "the largest seller of video advertising online outside of the big portals."

NEW YORK (AdAge.com) -- Since former AOL CEO Jonathan Miller and former Fox Interactive Media chief Ross Levinsohn banded together as partners in Velocity Investment Group, internet watchers have been curious to see where they'd place their bets. Online video -- its distribution, content creation and monetization -- is an area in which they are particularly bullish.

The group's first investment is a $10 million stake in Broadband Enterprises. The deal also marks the first round of funding Broadband Enterprises has raised, despite its having been around for two years and having grown its online traffic into something that rivals top media companies and portals.

Mr. Miller, who will join the board of Broadband Enterprises, said Velocity is interested in investing in "online platforms that scale, the content you put through those and [those with] the ability to make money in the space."