Revision3 acquired by Discovery

Web 2.0 video production company Revision3 has agreed to be acquired by Discovery Media as part of a deal that could put its content on the popular TV network.

Discovery Media today said it's acquiring Web video company Revision3.

As part of the deal, Revision3 will continue under its same management structure, the two companies said, however no details have been provided about if and when Revision3 video content will end up on Discovery's TV channel lineup.

"Discovery's mission to ignite viewers' curiosity and its history of pioneering new platforms -- from cable to HD to 3D -- make it the logical leader in this explosive new wave of digital video growth," said JB Perrette, Discovery's chief digital officer in a statement.

"We're huge fans of Discovery's networks, and couldn't imagine a more appropriate company to team up with to develop the future of original Web-based video," said Jim Louderback, Revision3's co-founder and CEO.

Details of the deal, which is expected to close before June 1, were not disclosed, although according to AllThingsD, the price was in the $30 million range.

Revision3 came onto the scene in 2005 after being founded by Kevin Rose and Jay Adelson of fame, along with TechTV alumni David Prager and Jim Louderback. The company, which has not historically released its financials, says it has been pulling more than 23 million monthly unique viewers on its 27 programming channels.

TechCrunch first reported talks between the two companies earlier this week.

Disclosure: CNET is currently a media partner with Revision3 and plays some of its programming on CNET TV.

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