Revision3 Raises $8 million From Greylock

[logant]

Online video site Revision3 has raised an $8 million second round of financing, according to a source close to the deal, bringing the total capital raised to $9 million. Our understanding is that Greylock led the round. Greylock was also the primary investor in Revision3’s $1 million first round of financing. News startup Digg, which shares founders Kevin Rose and Jay Adelson with Revision3, also raised money twice from Greylock.

Revision3 now has exclusive rights to ten shows and is continuing to add more talent over time. Diggnation, however, is by far the largest and most popular. Revenue is generated via integrated advertising, where the show hosts discuss the advertised products directly.

This rumor has not yet been confirmed by the company, who isn’t responding to our request for comment. Our source also says that CEO Jay Adelson may soon be stepping aside and focusing exclusively on Digg, which he also runs. The company may have already begun a new CEO search.

Tech Crunch (http://www.techcrunch.com/2007/06/24/revision3-raises-8-million-from-greylock/)

[vehemens]

Good for them, if it's true.

[samureye]

Trying to get confirmation, nothing yet.

[jay]

Confirmed, we raised $8M.

Here is a good piece on it:

http://venturebeat.com/2007/06/24/revision3-raises-8m-more-for-niche-tv/#more-20265

Shows aren't profitable, but a couple are break-even.

More on this later, I'll post our release.

-Jay

[popltree2]

Confirmed, we raised $8M.

Here is a good piece on it:

http://venturebeat.com/2007/06/24/revision3-raises-8m-more-for-niche-tv/#more-20265

Shows aren't profitable, but a couple are break-even.

More on this later, I'll post our release.

-Jay

Grats, Jay. We are expecting some great things.

[logant]

Confirmed, we raised $8M.

Here is a good piece on it:

http://venturebeat.com/2007/06/24/revision3-raises-8m-more-for-niche-tv/#more-20265

Shows aren't profitable, but a couple are break-even.

More on this later, I'll post our release.

-Jay

VERY NICE. LOL, I'm Borat.

[samureye]

Confirmed, we raised $8M.

Here is a good piece on it:

http://venturebeat.com/2007/06/24/revision3-raises-8m-more-for-niche-tv/#more-20265

Shows aren't profitable, but a couple are break-even.

More on this later, I'll post our release.

-Jay

According to TechCrunch, you're also stepping aside. You should write that down.

[comhcinc]

Shows aren't profitable, but a couple are break-even.

More on this later, I'll post our release.

-Jay

i want everyone to remember this when people start that crazy talk about how much this company makes

[vehemens]

i want everyone to remember this when people start that crazy talk about how much this company makes

Agreed. Just reading some of the comments on the tech crunch article. "Why does it take 8 million to make shows" is being batted around a bit. I suppose (what I'm assuming is) the mother of all bandwidth bills, rent bills, rates bills, a batcave like HQ and having to provide pay packets, goes over some peoples heads.

[ryudo]

Looking for a new CEO part scares me...ldon't want REV 3 getting taken over buy someone who later do some things that bring back bitter memories.

[samureye]

For now, it's not true, Ryudo.

[popltree2]

According to TechCrunch, you're also stepping aside. You should write that down.

Say it ain't so, Jay!

[jay]

No, we're not in active search for a CEO...Regardless, I'm Chairman as well, so he/she would would work for me anyway. ;)

I think it is inevitable, though. Both companies deserve a full-time CEO.

-Jay

[phatlip12]

No, we're not in active search for a CEO...Regardless, I'm Chairman as well, so he/she would would work for me anyway. ;)

I think it is inevitable, though. Both companies deserve a full-time CEO.

-Jay

I'm free. Let me know when I start getting paid.


;)

[comhcinc]

the ceo of a company who's main show is two guys drunk on a coach should be able to legally drink.....................i just saying sorry phatlip12

[phatlip12]

the ceo of a company who's main show is two guys drunk on a coach should be able to legally drink.....................i just saying sorry phatlip12

Damn it! Two more years to go....

LOL

[jay]

FOR IMMEDIATE RELEASE


REVISION3 CLOSES $8 MILLION SERIES B FINANCING ROUND

Internet Television Pioneer To Use Funds to Expand Programming and Sales Efforts

SAN FRANCISCO, Calif. – June 25, 2007 – Revision3, the leading Internet television network, today announced that the company has closed a Series B round of funding. Investors primarily include Greylock Partners. The funding will be used to expand the network’s eclectic mix of hip, geek and pop culture-oriented Internet TV programming focused on themes that speak to the desirable 18 to 34-year-old age group. Revision3 content has been downloaded over 30 million times since the network’s launch.

Revision3’s board of directors will consist of Digg and Revision3 founders Jay Adelson and Kevin Rose, as well as David Sze and James Slavet of Greylock Partners. Greylock Partners is the exclusive venture capital firm involved in the round. The funds will be used to expand programming, ramp up direct sales efforts and to supply additional working capital.

Founded by Rose, Adelson and David Prager, Revision3 receives over two million downloads a month due to the popularity of original Internet TV shows such as “Diggnation,” “Systm,” “The Totally Rad Show,” “iFanboy” and “InDigital.”

“There’s a revolution happening in television and we’re committed to continuing to lead the charge,” said Adelson, chairman and chief executive officer of Revision3. “The success of the network speaks to the fact that there’s a very large and growing audience that wants the next generation of content. Modern audiences expect to get what they want, where they want it and when they want it. Advertisers see a tremendous opportunity here, particularly with the myriad of new distributors arriving on the scene adding millions of viewers globally. Within the last nine months we’ve signed sponsorship contracts with large, established corporations that have been able to see sales increases as a direct result of their deals with Revision3. This new round will allow us to build on our successful business model.”

Revision3 takes a unique approach to advertising by embedding ads within programming. This drastically increases the number of viewers that watch the ads and increases their efficacy because popular Revision3 personalities talk about products in a way that resonates with their audience. And because Revision3 is freely distributed through multiple sites and partners, ad extensibility is high. Advertisers include Sony, Netflix, Microsoft, WebEx, Verizon, Adobe and GoDaddy.

About Revision3
Revision3 is an Internet television network for the on-demand generation, producing some of the most engaging and original audio and video entertainment programs available on the Web. From the highly technical to the ridiculously silly, count on Revision3 for content that is accessible, edgy, and informative.

Revision3 was founded by Kevin Rose, Jay Adelson and David Prager in April 2005 with the vision that truly revolutionary Internet television wasn’t about putting television programming on a computer. The new world of Internet television left up to the media moguls of the world is about as cool as your dad's Facebook page. With more than 30 million downloads, Revision3 develops unique content that can play on any device and speaks to a new generation about music, science, technology and comedy. Check out Revision3’s shows at www.revision3.com.



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[samureye]

Huzzah! You missed out the "screw you Arrington, you don't get the facts" quote. Must have been taken out for space.

[ryudo]

For people who don't know jack about business like me and this junk what the hell does that mean? is this a merger or does this mean in a sort of way you have a group that gives REV3 more financial support?

[comhcinc]

Rev3 isn't making money. any money. all they are doing is spend it. venture capital firms invest in start up companies in the hope that down the rode they will get a good return (most of the time in stock, but not always) in the future.