TV, cable and online ad sales rep Cross MediaWorks has raised $17 million in additional investment capital. Two new companies have joined its investor group.
BIA Digital Partners II LP invested $13 million and Spring Capital Partners II LP co-invested the remaining $4 million alongside BIA. The proceeds were used by Cross MediaWorks for refinancing of existing debt. Clarion Capital Partners LLC has been the principal financial backer, having partnered with Marc Krigsman and Larry Rubin to build Cross MediaWorks.
Cross MediaWorks is a provider of media sales and advertising services to the television advertising industry. Key segments of the business include representation of linear and unwired networks, long-form and short-form broadcast, satellite and cable inventory as well as video-on-demand and online properties. In addition, the company provides agency and “go-to-market” strategies for companies in a variety of industries. Cross MediaWorks is comprised of five brands: Affiliated Media Group, Apex Media, Hispanic MediaWorks, TelAmerica Media, and WizeBuys TV. The company is headquartered in Scottsdale, AZ, with additional offices in Philadelphia, New York and Jacksonville.