Joost Competitor Secures $9 Million

By Nick Mokey Published June 12, 2007

Joost Competitor Secures $9 Million

Looks like Joost may have company. In addition to the grant recently received by its open-source competitor Democracy, another commercial rival is stepping into the ring looking to deliver TV through the Internet. PermissionTV announced on Wednesday that it has received $9 million in funding from capital firms.

PermissionTV aims to create Internet TV channels with branded content from partner companies, much like Joost. They plan to monetize the venture through the traditional ad-revenue approach, as well as pay-per-view and subscription-based services.

Besides the company’s new financial backers, it also has a host of content providers, media companies and agencies signed on, including Adobe Systems, Agency.com, Bob Vila, Fox’s myNetworkTV, Intercontinental Hotels, Molecular, Toyota Scion, Update Hollywood and Whitman Hart. While this line-up certainly doesn’t rival that of Joost, it shows promise for an upstart.

“The timing of this financing reflects the tremendous market adoption of high-quality Internet video, as well as the current wave of momentum behind PermissionTV,” said Bob Lentz, CEO of PermissionTV, in a statement.

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