A Victoria-based online sports video platform has been acquired by a global media company for $150 million.
Minute Media announced it has acquired STN Video. The local company delivers sports videos to about 2,000 newspapers in North America and has highlight rights with all the major leagues, including the NHL, NFL and NBA. The acquisition will enhance Minute Media’s sports content library for distribution partners and advertisers, the company said in a press release.
The company was founded as SendtoNews in 2008 by former CHEK sports and news anchor Keith Wells, who developed a fast and convenient way of sending video. Wells spent 10 years working with leagues and publishers around North America, helping them integrate the product. He hasn’t been involved in the company for five years, but is still a minor shareholder.
“I’m happy for our original investors who helped so much along the way, without being certain this day would ever come. Also, all the employees in Victoria who helped break digital ground in online video. In about 2012, we thought we had missed our chance with news and sports video, but looking back now, we were actually on the cutting edge,” Wells said Friday.
“Also, I’m proud of the company’s impact in the news business, with 2,000 newspapers using content and a billion videos delivered per month.”
The company and team will continue to operate as STN Video out of Victoria, said spokesman David Davies. The company has 75 full-time equivalent positions. Half the employees are based in Victoria. The other half are spread across Canada and the U.S., he said.
The companies have known each other for years and have been working on the acquisition since last spring.
“Bringing STN Video into the Minute Media family is a big win for our owned sports content brands, distribution partners and advertisers. With STN’s sports content highlight rights and award-winning video technology, Minute Media’s partners and clients will have access to a 360 degree view of the sports industry, combining content from athletes, teams, creators and, now, leagues,” said Asaf Peled, founder and chief executive officer of Minute Media.
“STN Video was built for distribution partners who care about content, user experience and monetization,” said Matthew Watson, STN Video’s chief executive officer.
“We are thrilled to continue our journey with Minute Media to maximize our global video reach for content providers and advertisers across their unique platforms.”
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