A month after reports surfaced that video streaming startup GridNetworks was being sold, the buyer has been identified: Global Media Services. Financial terms of the deal, which was announced last week, were not disclosed. GridNetworks' Gridcast TV service streams online videos in HD to TVs, while Global Media Services provides various services companies looking to stream content online. The combined company will be led by Global Media Services CEO Charles Picasso. GridNetworks raised $9.5 million from Comcast (NSDQ: CMCSA), Panorama Capital and Cisco (NSDQ: CSCO) in a first round.
By Joseph Tartakoff