Elation Media is getting set to join the streaming media business, and it has just acquired a content library from an already up-and-running business. Elation’s high profile leader is also getting the acquisition’s leader.
Elation is headed by HBO co-founder and former Time Warner chairman/CEO Gerald Levin.
The acquisition includes assets of OTV Media Group, including its video library, trademarks, copyrights and other related intellectual properties, all in exchange for cash and stock.
Additionally, OTV’s Robert Schnitzer will join Elation as CEO.
“The sale comes at a perfect time since OTV Media is now focused purely on developing a select number of long form media properties. That enables me to focus full-time on growing Elation Media and its two consumer media brands, OTV Live and OTV On Demand,” Schnitzer said.
In a statement, Elation said, “The video library consists of documentaries, interviews with authors and thought leaders, new age and fusion music concerts, rare footage of personalities from the genre’s past, yoga and exercise tutorials, as well as entertainment from a body-mind perspective.”
Added Levin, “OTV Media Group was able to demonstrate proof-of-concept through a series of short-term, on demand carriage agreements with MSN, Charter, Cox, Time Warner, Dish and other multi-channel providers. Now Elation Media will use that library to jumpstart its business plan going forward, with sufficient marketing dollars and the stellar management team we are attracting.”