Fisher Communications has made a $1.5 million strategic investment in DataSphere Technologies, a Software as a Service (SaaS) Web technology and hyperlocal ad sales company focused on generating online profits for media companies.
Fisher’s investment was part of DataSphere’s $10.8 million Series B preferred stock financing round and provides Fisher a minority equity stake in the company. In conjunction with the investment, Fisher’s President and CEO, Colleen Brown joined DataSphere’s Board.
DataSphere’s technology and local sales solutions enable the creation and monetization of hyperlocal content. To date, Fisher has partnered with DataSphere to launch over 100 hyperlocal neighborhood sites in Seattle, Washington; Portland and Eugene, Oregon; Bakersfield, California; and Boise, Idaho. In collaboration with Fisher, DataSphere also distributes the technology and sales solutions to other broadcast companies looking to establish hyperlocal sites.
“Technology is transforming the media industry and, as a result, broadcasters need to find new, innovative ways to grow our advertiser base and extend the reach of our valuable brands and content,” said Brown. “We are combining DataSphere’s proven technology and sales solutions with our deep community connections and other traditional strengths to create a series of neighborhood Web sites that allow us to better serve our viewers, listeners and business partners and diversify our sources of revenue. We look forward to working with DataSphere to bring this successful platform to other local media companies across the country.”
“Fisher Communications continues to set the pace in its efforts to migrate traditional media to the online world,” said Satbir Khanuja, CEO of DataSphere Technologies. “We are thrilled to have them as a strategic partner.”