(Australian Associated Press)
Seven West Media will launch a new digital catch-up channel to replace its PLUS7 service as part of changes to its Yahoo7 joint venture brought about by AOL/Verizon’s acquisition of Yahoo, Inc.
The new channel, wholly owned by Seven West, will be ready within six months, while the broadcaster has flagged further changes for Yahoo7.
Seven West Media chief revenue officer Kurt Burnette said AOL/Verizon will continue investing in the Yahoo7 joint venture in Australia, as the content partners will look to “explore broader opportunities”
Verizon is closing the circle on its two year merging of Yahoo with another former internet juggernaut in AOL, with plans the rebranded venture, Oath will drive content from a suite of titles, including HuffPost and Tumblr, to a bigger global audience.
“Our JV partners own and operate one of the world’s largest digital advertising businesses and we look forward to driving home this leadership in local and global best content, technology and innovation,” Mr Burnette said in a statement.
Seven, in an announcement to the ASX on Wednesday, said the changes will create an “even more seamlessly connected” catch up TV service, which will be included in its ad selling strategy of selling across all screens.
Mr Burnette said Seven West and AOL/Verizon intended to build on any opportunities as Oath’s consumer brands and potential acquisitions drive further scale for Yahoo7 in the region.
In all, about 1.3 billion consumers will access Oath’s combined original content, across the company’s collection of brands that also include TechCrunch and Engadget, the venture’s CEO and former AOL Chairman Tim Armstrong, said in May.
Shares in Seven West Media were up two cents at 1149 AEST at 67.5 cents.