Replay Networks, Inc. Closes Major Investment Round With Leading Media, Consumer Electronics Companies
Replay Networks, Inc., the market leader in personal television, announced today that several leading media companies and others will invest $57 million dollars in the company. The deal also includes strategic business agreements between Replay Networks and some of the companies. The investors include Time Warner (NYSE:TWX), The Walt Disney Company (NYSE:DIS), NBC, Liberty Media Group (NYSE:LMG.A), Showtime Networks Inc., United Television, Inc. (NASDAQ:UTVI) a subsidiary of Chris-Craft Industries, Inc. (NYSE:CCN), Canada's CTV, Inc. (TSE/ME: TV) and Matsushita Kotobuki Electronics Industries, Ltd., a subsidiary of Matsushita Electric Industrial Co., Ltd. (NYSE:MC), which is best known for its Panasonic products. Kleiner Perkins Caufield & Byers the Menlo Park, California-based venture capital firm joins Vulcan Ventures, Inc. and Tribune Co. (NYSE:TRB) in increasing their stakes in Replay Networks, Inc. Two private investors, Marc Andreessen, founder of Netscape, and Sky Dayton, a Replay Networks board member, who is founder and chairman of EarthLink, a top-ranked Internet service provider, also increased their personal stakes in the company. According to Replay Networks CEO Anthony Wood, the new financing round and strategic agreements mark another major milestone for Replay Networks and personal television. ""This investment by leading media companies and Matsushita provides us with the resources to take the company to the next level. We have now reached critical mass,"" Wood said. Panasonic Brand ReplayTV Announced Earlier The investment by Matsushita Kotobuki comes on the heels of a June announcement that they will manufacture and Panasonic Consumer Electronics Company will market a version of ReplayTV to retail stores this fall. Matsushita Kotobuki Electronics Industries, Ltd. is one of the world's largest manufacturers of consumer video products and hard disk drives. Will Enhance Replay Zones Layne Britton, Executive Vice President of Network Services, said the deal includes strategic agreements that will enhance Replay Zones where viewers can find and capture wide-ranging network, cable and premium programming for later playback at their convenience. ""This deal includes a significant number of networks. Replay Zones will give these networks new and exciting ways to promote their content and provide customers with easier ways to find and watch their favorite television shows."" Replay Network Service Under terms of a previous agreement announced with Showtime Networks Inc. last January, Replay Network Service will deliver Replay Zones promoting upcoming programming on Showtime, The Movie Channel, Sundance Channel and Flix. Showtime Networks Inc. is a wholly owned subsidiary of Viacom Inc. A similar arrangement with E! Network, also announced in January, will create special Replay channels for both the E! and new style networks, featuring program information and highlights. In addition, an E! Replay Zone will be created that will include suggested program viewing selected from all broadcast, cable and pay-per-view channels from the entertainment experts at E! Network. Similar Replay Zone arrangements are being discussed with several companies participating in the investment round. With the free Replay Network Service and ReplayTV's digital-recording device, viewers can easily create personalized ""Replay Channels."" These channels can feature viewers' favorite shows, themes or actors so they can watch what they want, when they want. ReplayTV also lets consumers control live TV. With ReplayTV, viewers can pause, rewind and then fast forward through shows. Replay Networks is working closely with many television and advertising companies to promote features in the Replay Network Service that increase revenues for the television industry and do not undermine an advertising-based model. Replay Networks Business Model Replay Networks' business model centers around the free Replay Network Service, a platform giving consumers maximum viewing control and choice while protecting their privacy. ""We've designed the Replay Network Service as the first true portal for television, where consumers can view previously recorded programming at their convenience. At the same time, we are putting in place unique features like sponsored Replay Zones that could enable studios, cable networks, broadcast networks and local affiliates to increase revenue streams, drive viewership, bolster their brands and viewer loyalty,"" Wood said. Product Availability ReplayTV is available now with prices starting at $699 and storage capacities up to 28 hours. ReplayTV customers receive a free lifetime subscription to the basic Replay Network Service. Replay Networks is taking orders at http://www.replaytv.com or toll-free number at 800-266-1301. Panasonic's version of ReplayTV will be in retail stores for the 1999 holiday-selling season. Features and pricing of the Panasonic model will be announced in the near future. About Replay Networks, Inc. Replay Networks, Inc., based in Mountain View, California, is the leader in personal television technologies with more than 120 patent claims, the market leading ReplayTV platform and Replay Network Service. ReplayTV received ""Best of Show"" honors at the 1999 International Consumer Electronics Show, in Las Vegas, Nevada Replay Networks was recently named one of Upside Magazine's Hot 100 Companies for 1999. Prior to founding Replay Networks, CEO Anthony Wood headed iband, Inc., which was acquired by Macromedia. For more information, visit the Replay Networks home page at http://www.replaytv.com or phone toll free at 800 266 1301.