Discovery Communications Buys Web-Video Startup Revision3
May 3 (Bloomberg) -- Discovery Communications Inc., owner of cable networks Animal Planet and TLC, agreed to acquire online-video startup Revision3 as part of a strategy to own and distribute reality programming.
Revision3, based in San Francisco, bills itself as a Web television network, producing and distributing reality shows like "Annie's Bits" and "Epic Meal Time," across sites such as Google Inc.'s YouTube and Apple Inc.'s iTunes. Terms of the deal weren't disclosed.
Discovery, which plans to report quarterly earnings May 8, has benefited from producing its own content, Chief Executive Officer David Zaslav, said in November. The Silver Spring, Maryland-based company bought Betty, a London-based production company, that month.
Founded in 2005 by Kevin Rose and led by Chief Executive Officer Jim Louderback, a former editor-in-chief of PC Magazine, Revision3's programming draws about 23 million viewers every month, according to a statement today.
Discovery rose 1.8 percent to $55.13 at the close in New York. The shares have risen 35 percent this year.
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