Velocity Makes $10-Million Investment in Online Video Firm

NEW YORK, January 17: The digital media and communications
investment firm Velocity Interactive Group has raised $10 million in financing
for Broadband Enterprises, an online video network.

Velocity Interactive Group was established by Ross
Levinsohn, the former president of Fox Interactive Media, Jonathan Miller, the
ex-chairman and CEO of AOL, and the venture capital outfit ComVentures.

Broadband Enterprises is an online video network,
aggregating over 45 million unique video viewers each month. The company sells
online video advertising, syndicates programming and produces original content
that is delivered securely to targeted audiences through its “Vindico”
technology across a network of over 1,800 affiliates.

“This strategic investment highlights the exceptional
operating performance we achieved in 2007 and underscores the value proposition
of our company,” said Matt Wasserlauf, the CEO of Broadband Enterprises. “By
working closely with Velocity Interactive Group and putting our world-class
agency, brand advertiser, content publisher and video producer clients at the
forefront of everything we do, Broadband Enterprises will continue to deliver
an unmatched online video experience.”

Miller added: “Over the past four years Broadband
Enterprises has built a highly successful online video monetization engine,
which has grown rapidly throughout 2007. We expect the growth to be bigger and
faster as the company executes its 2008 strategic plan.”

The money raised will be used to accelerate the company’s
strategic growth initiatives, including expanding the breadth and depth of
content through partnerships with established media companies and from emerging
video producers. Miller will join the Broadband Enterprises board of directors
and advise the company on strategic matters.

—By Mansha Daswani