Video service Mogulus reels in Gannett funding
About $10 million in capital will cement a partnership formed three months ago between New York-based Mogulus and the newspaper-publishing conglomerate.
Mogulus, a New York-based company that's part of the crowded pack of live-video streaming sites, has raised a new round of funding from news media conglomerate Gannett, publisher of USA Today and about two dozen other newspapers.
The two companies have had a partnership in place for the past three months, and the new investment is considered to be an extension of the partnership.
Financial terms were not formally disclosed, but a source close to the deal told us that--consistent with blog reports--the capital is about $10 million.
So far, Gannett's partnership with Mogulus has given the video site some bragging rights: when former Democratic presidential candidate Hillary Clinton made some controversial remarks about the Robert Kennedy assassination in 1968, that interview had been recorded and live-streamed on Mogulus by one of the participating Gannett newspapers--the Argus Leader of Sioux Falls, S.D. Other newspapers picked up on the remark, and the rest is (recent) history.
Besides cementing the relationship with what is probably its highest-profile client, Mogulus likely could use the extra cash: live video is bandwidth-heavy, and there are plenty of competitors in the field, from Kyte to Ustream to Justin.tv. Additionally, the company is working on supplementing its ad-supported free service with a paid offering.