RealTime IT News

Yack.com Eyes Convergence

Internet program guide Yack Tuesday inked a multimillion dollar stock deal to purchase Channelseek, a convergence guide.

Terms of the deal were not disclosed.

The acquisition will create a formidable entity with 250 participating event producers, according to Jeff Morris, president and chief executive officer of Yack.

"Channelseek has made great strides in distribution, especially in the broadband arena, and has developed several innovative technologies along with launching a print Web guide," Morris said.

"We look forward to integrating their assets with our own to become the leading provider of comprehensive, objective guidance in the exploding category of live and on-demand Web content."

The deal creates a win-win situation, added Morris. Channelseek brings Yack greatly increased penetration in the broadband DSL market. Further, a range of national and international distribution agreements are now available to both companies.

"Yack is now in an even better position to provide much-needed consumer guidance to live and on-demand Web events on all platforms, including PC/TV convergence entities, narrowband, broadband and, ultimately, radio and television," Morris said.

Tom Britt, Channelseek founder and chief executive officer, becomes vice president of business development at Yack.

"The broadband market is beginning to gather momentum, both here and internationally," Britt said. "Yack and Channelseek have shared the same vision of becoming the ultimate guide to Internet programming in both the narrow and broadband markets.

By joining forces, we can accelerate that vision and the convergence industry as a whole. Our companies complement each other very well and we're anxious to build this industry together."