US media outlet Discovery Communications has confirmed plans to acquire online video firm Revision3 for an undisclosed amount rumoured to be in the region of US$ 30mn.
Revision3 was founded in San Francisco by a group of tech luminaries which include Kevin Rose of content discovery platform Digg and David Prager of TechTV, with the aim of becoming “the leading television network for the Internet generation”.
Revision3 has created a technology and distribution platform that powers the scalable production, monetisation and distribution of video content for passionate online communities, and reaches more than 23mn monthly unique viewers across 27 digital channels.
Its website delivers shows which are hosted by a number of online celebrities, including top bloggers, Twitter stars and YouTube sensations, and features content which aligns closely with many of Discovery’s top linear programme genres, such as tech, cooking and popular science.
Revision3 has one of the ten largest networks on YouTube and distribution with more than 40 other partners, including iTunes, Google, AOL, Yahoo!, TiVo, Roku, Boxee, CNET and Zune.
“Revision3 has always focused on creating compelling programmes featuring authentic hosts that sit at the centre of engaged and targeted communities,” said Jim Louderback, CEO of Revision3, who will remain at the helm under the new ownership structure. “We’re huge fans of Discovery’s networks, and couldn’t imagine a more appropriate company to team up with to develop the future of original web-based video.”
The acquisition is subject to customary closing conditions, and is expected to close by the beginning of June 2012.