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News
Issue #2001 - 15
(Apr. 2001)
(Updated
April 11, 2001)
ACQUISITIONS,
MERGERS & AGREEMENTS
AirMedia Closes Funding Deal for $13.5-Million
In the midst of an
economic downturn, AirMedia appears to have beaten the odds. The New York-based company has
secured $13.5-million in its latest round of funding from Citigroup
Investments and Verus International, both of which had invested
earlier in the company. This brings AirMedia’s total funding to
$38.5-million.
In February AirMedia debuted its Wireless Hub, a clearinghouse
where small and large content providers can sell their content to
carriers, content aggregators and corporations, in the U.S. With
this additional funding, AirMedia’s Wireless Hub will be expanded
into the European market.
"Europe is the sweet spot of the wireless Internet market,
at least for now until the U.S. market matures," said Mark
Bregman, CEO of AirMedia. "With this round of funding, we plan
to quickly add sales teams and open offices all around the
continent."
For more information: www.airmedia.com
Mobileinfo Comments and Advisory: We
believe that there is room for becoming a hub for wireless Internet
content. Carriers may not want to deal with a large number of
content providers. However, other than being an aggregator, AirMedia
must add value. large content providers will deal directly
with large carriers.
Note: This news release may contain
forward-looking statements. Readers should take appropriate caution in
developing plans utilizing these products, services and technology
architectures. All trademarks used in this summary are
the property of their respective owners.
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