CBS invests in TV-streaming startup SyncbakApril 22, 2013 by Megan Bannister
Update April 25 – “Did CBS invest in Iowa startup Syncbak in response to Aereo threat?“
CBS Corporation this morning announced that it has made a minority investment in Marion, Iowa-based startup Syncbak. Founded in 2009, Syncbak provides a television streaming platform that utilizes mobile devices’ location-based authentication technology to allow local news networks and affiliates to push content to viewers in their area.
The media giant did not disclose the terms of the deal and a Syncbak representative today declined to comment further. A Securities and Exchange Commission filing in February shows the company recently closed a $1 million financing round. It’s unknown, however, if CBS was involved in that event.
“Across the country broadcasters are looking for the best way to respond to consumer demand for streaming their content,” Syncbak CEO and television industry veteran Jack Perry (below) said today in a press release. “Syncbak’s technology provides the right solution at the right time to make that happen.”
Earlier this year, Syncbak released a second version of its mobile app, which included native support for the iPad and iPad mini. More than 100 television stations across 70 markets are currently testing Syncbak, including networks like CBS, ABC, FOX and NBC, according to the press release.
“We have admired and worked with Syncbak’s CEO Jack Perry since the mid-’90s,” CBS Corporation vice president Martin Franks said in the release. “Over the last couple years, we have worked with Jack as he developed Syncbak’s very elegant technology platform, which presents several interesting opportunities for broadcast networks, their stations and affiliates. We look forward to collaborating with him as we move the initiative forward.”
Credits: Jack Perry photo courtesy of Syncbak.