NextMedium sells off product placement assets to Newport Coast
NextMedium, provider of an online platform that allowed advertisers to get their brands into TV shows, movies and web videos, has sold its technology and other intellectual property to Newport Coast Investments. It had been a while since the company raised money, last bringing in $6 million in second-round financing in July 2006.
NextMedium’s system, called Embed, brokered product placement deals and measured the the effectiveness of these advertising campaigns. It had a lot going for it on its own — $12 million in capital and partnerships with NBC, MTV and BET. All of these operations will now be transition to NCI subsidiary Brand Affinity Technologies, which will keep things running through the next few months to ease the changeover.
NCI managing director Ryan Steelberg said in a statement that the acquisition was motivated by the firm’s desire to get in on the product placement game while the getting’s good. Previous investors in NextMedium include Bessemer Venture Partners, Globespan Capital Partners and Ascend Venture Group.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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