Video Networks Alloy Digital, Break Media to Merge Into Defy Media
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In the latest sign of consolidation in online video, two major online video networks and production companies, Alloy Digital and Break Media will merge to form Defy Media, a spokesperson confirmed on Tuesday morning.
The deal combines a video production and distribution company (Break) with a stable of YouTube channels (Alloy) in a bid to create enough scale to register as a digital alternative to TV networks in the eyes of advertisers.
The six-months-in-the-making deal is a straight merger — no money changed hands — and will result in a profitable company projected to generate more than $100 million in annual revenue. Post-merger Alloy Digital CEO Matthew Diamond will run the new company as CEO, with Break Media CEO Keith Richman serving as president.
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