Mag Rack Entertainment Acquires Music Network Concert.tv
This story was written by Tameka Kee.
Mag Rack Entertainment has acquired VOD network Concert.tv for an undisclosed sum. Launched in 2003, NY-based Concert.tv airs live music performances and documentaries online and via cable; the company says it reaches about 30 million homes through *Comcast*, *Charter*, *DirecTV* and other providers. Co-founders Jeff Shultz and Michael Shimbo will not stay on post-acquisition.
It's the second acquisition by NY-based Mag Rack within three months: the digital media company bought Lifeskool, a knowledge-based VOD network from Cablevision's Rainbow Media, in October. Mag Rack was founded in 2008 by Joe Covey, a former entrepreneur-in-residence at Milestone Venture Partners, and Matthew Davidge, a digital media consultant who has worked with *MTV Networks*, among others. Release.
By Tameka Kee