Reuters / Daniel Munoz
Australia’s largest telecommunications company Telstra, said on Tuesday it had paid $270 million to buy out Silicon Valley-based video platform company Ooyala as part of a deeper push into digital media.
Telstra already owned 23 percent of Ooyala after investing $61 million over the past two years and will take its stake to 98 percent under the deal, assuming it is approved by U.S. regulators.
Ooyala provides cloud-based personalized video platform services to media companies including ESPN, News Corp. and NBC Universal and is forecasting revenue of $65 million in 2014, according to a statement released by Telstra.
(Reporting by Lincoln Feast; Editing by Chris Reese)