Cross MediaWorks, a private equity-backed aggregator of broadcast, cable and Hispanic TV advertising, has acquired BlackArrow, a leading developer of the ad-supported video-on-demand marketplace. Terms were not disclosed.
Cross MediaWorks, which bills itself as a “holding company” managing various targeted TV advertising assets, is backed by Lee Equity Partners, and straddles the world between old school unwired TV networks and the new incarnation of audience data-based targeted TV platforms.
The company said BlackArrow’s system enables advertising on more than 40 million video-on-demand households served by Time Warner Cable, Charter Communications, Bright House networks, Rogers Communications, Liberty Global and Virgin Media.
BlackArrow has been among the most aggressive players trying to leverage a largely undeveloped and under-exploited video-on-demand advertising marketplace, investing heavily in technology and research to convince big advertisers and agencies to embrace it as part of their TV advertising strategies.
Cross MediaWorks said the addition of BlackArrow will bolster its reach and will be integrated with Cross MediaWorks’ existing media sales organization, Cadent Network, as well as its creative advertising services unit, The Cross Agency.Nick Troiano, CEO of BlackArrow, has been named CEO of Cross MediaWorks. Stephanie Mitchko-Beale, CTO of Cross MediaWorks, was given the additional role of COO.