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WideOrbit, Inc. Announces Strategic Investment by The New York Times Company, Meredith Corporation and Liberty Corporation.
WideOrbit, Inc. announced today that The New York Times Company, Meredith Corporation and Liberty Corporation have invested $6 million as part of a $8 million Series B financing of WideOrbit. WideOrbit is a media software company focused on traffic, sales and billing for the broadcast industry.
WideOrbit, Inc. Announces Strategic Investment by The New York Times Company, Meredith Corporation and Liberty Corporation
FOR IMMEDIATE RELEASE
(San Francisco, CA) September 16, 2002 - WideOrbit, Inc. announced today that The New York Times Company, Meredith Corporation and Liberty Corporation have invested $6 million as part of a $8 million Series B financing of WideOrbit. WideOrbit is a media software company focused on traffic, sales and billing for the broadcast industry.
WideOrbit founder and CEO, Eric Mathewson, stated, Our partnership with The New York Times Company, Meredith and Liberty, says a lot about the quality of WideOrbits software and the people who are part of the WideOrbit team. We are pleased to have these blue chip media companies invest in WideOrbit and add their representatives to our board of directors."
We have used WideOrbits Traffic software solution since the beginning of the year and our great experience with WideOrbit makes us pleased to be investing in the company," stated Cynthia Augustine, president of The New York Times Company Broadcast Group. WideOrbit has helped us make great progress this year and the positive impact is evident with our station operations."
Meredith has spent an extensive amount of time evaluating various television traffic software solutions. After seeing WideOrbit's software and comparing it to the competition, we are confident that WideOrbit's software will greatly benefit our stations' traffic and billing processes," said Kevin O'Brien, president of Meredith Broadcasting Group.
Broadcasters have needed better software for a long time. We are happy to invest in a company like WideOrbit that is committed to improving the traffic, sales and billing systems of broadcasters," stated Jim Keelor, president, Liberty Corporation. We expect WideOrbit to be the leading traffic software solution of the future."
In addition to participating in WideOrbits financing, representatives from The New York Times Company, Meredith Corporation and Liberty Corporation will join WideOrbits board of directors. These representatives will join Nick Trigony, former president of Cox TV and Radio, as boardmembers.
Press Contacts: Eric Mathewson, Founder and CEO
WideOrbit, Inc.
535 Pacific Avenue, Suite 400
San Francisco, CA 94133
(415) 675-6751
emathewson@wideorbit.com
Catherine Mathis
The New York Times Company
212-556-1981
mathis@nytimes.com
Doug Lowe
Meredith Corporation
Executive Vice President
515-284-2295
Howard Schrott
Chief Financial Officer
Liberty Corporation
864-241-5444
About WideOrbit
WideOrbit supplies next-generation software solutions to the media industry to help maximize revenue and enhance operational efficiencies. The company's WOStation software is a scalable, modern, Windows-based solution that provides a full suite of traffic, sales, client contact database information, billing and accounts receivable targeted at broadcast television stations. WO Station also offers revolutionary, patent pending, inventory and yield management tools that can significantly affect the revenue of a television station.
In addition, WOStation offers centralized management of traffic and reporting from one location for multi-station groups, and tracks market history and conditions to help broadcasters make the most appropriate pricing decisions possible.
WideOrbits software was authored by broadcast industry executives who recognized significant shortcomings in the software solutions currently in use in today's marketplace. WideOrbit has more than 75 years of broadcast station experience within its management team.
For more information please visit www.wideorbit.com
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