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WideOrbit, Inc. Announces Strategic Investment by The New York Times Company, Meredith Corporation and Liberty Corporation
(San Francisco, CA) September 16, 2002 – WideOrbit, Inc. announced today that The New York Times Company, Meredith Corporation and Liberty Corporation have invested $6 million as part of an $8 million Series B financing of WideOrbit. WideOrbit is a media software company focused on traffic, sales and billing for the broadcast industry.
WideOrbit Founder and CEO, Eric Mathewson, stated, "Our partnership with The New York Times Company, Meredith and Liberty, says a lot about the quality of WideOrbit's software and the people who are part of the WideOrbit team. We are pleased to have these blue chip media companies invest in WideOrbit and add their representatives to our board of directors."
"We have used WideOrbit's Traffic software solution since the beginning of the year and our great experience with WideOrbit makes us pleased to be investing in the company," stated Cynthia Augustine, president of The New York Times Company Broadcast Group. "WideOrbit has helped us make great progress this year and the positive impact is evident with our station operations."
"Broadcasters have needed better software for a long time. We are happy to invest in a company like WideOrbit that is committed to improving the traffic, sales and billing systems of broadcasters," stated Jim Keelor, president, Liberty Corporation. "We expect WideOrbit to be the leading traffic software solution of the future."
In addition to participating in WideOrbit's financing, representatives from The New York Times Company, Meredith Corporation and Liberty Corporation will join WideOrbit's board of directors. These representatives will join Nick Trigony, former president of Cox TV and Radio as boardmembers.
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About WideOrbit
WideOrbit is the largest Traffic, Sales and Billing software in North America and is growing rapidly globally. WideOrbit manages the advertising sales process for television stations, radio stations, cable networks, cable interconnects, mobile video, movie theatres and digital display networks.
WideOrbit’s solutions help maximize revenue and enhance operational efficiencies. The company's core WO Traffic software is a scalable, modern, Windows-based solution that provides a complete workflow in the management of advertising infrastructure from the acceptance of an advertising order to the receipt of an invoice. WO Traffic provides centralized management of traffic and reporting from one location for multi-station groups, and tracks market history and conditions to help clients make the most appropriate pricing decisions. WO Traffic also offers revolutionary, patent pending, inventory and yield management tools. WideOrbit’s client list includes: Hearst-Argyle Television, Gannett, The New York Times, NBC, Telemundo, Meredith Corporation, Madison Square Garden, Transit TV, Scripps Television Group, and Qualcomm/MediaFlo.
WideOrbit was founded in 1999 and has offices in San Francisco, Seattle, Denver and London, England.
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