Seven West Media amends Yahoo7 deal as it prepares to launch its own long-form video platform
Seven West Media has confirmed it will continue working with Yahoo despite the Verizon acquisition, however the network will launch its own long-form catch-up video service under the new agreement.
The news follows US telecommunications giant Verizon’s official completion of its US$4.48bn deal with Yahoo in the US yesterday, with the formation of new brand Oath and the combining of Yahoo and AOL.
As part of the newly amended deal, Seven West Media and Verizon will continue as a joint venture in the Australian market, however Seven will now launch and market its own long-form video platform and streaming service.
The content currently sits on Plus7, however will move onto a separate, new and fully-owned Seven platform within the next six months.
Seven West Media’s joint venture with Yahoo, Yahoo7, which began in 2006, will now involve a broader content set, including content from Verizon.
When the acquisition was confirmed in July last year, Seven West Media said it was considering a “range of options” to work out what was of most value to Seven West Media shareholders.
Kurt Burnette, chief revenue officer for Seven West Media said: “Our JV partners own and operate one of the world’s largest digital advertising businesses and we look forward to driving home this leadership in local and global best content, technology and innovation.
“Australia’s number one television network will now be even more seamlessly connected and sold with the number one commercial catch up TV service delivering the most effective ‘total video’ results for advertisers.
“The Seven team will continue its selling across all screens as has been the case for sport, sponsorship and integration and that will now extend and apply to all long form Seven content online.”
You just know what ever it ends up being, it’s going to be terrible. Member lympics?
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