Video Networks Alloy Digital, Break Media to Merge Into Defy Media
In the latest sign of consolidation in online video, two major online video networks and production companies, Alloy Digital and Break Media will merge to form Defy Media, a spokesperson confirmed on Tuesday morning.
The deal combines a video production and distribution company (Break) with a stable of YouTube channels (Alloy) in a bid to create enough scale to register as a digital alternative to TV networks in the eyes of advertisers.
The six-months-in-the-making deal is a straight merger — no money changed hands — and will result in a profitable company projected to generate more than $100 million in annual revenue. Post-merger Alloy Digital CEO Matthew Diamond will run the new company as CEO, with Break Media CEO Keith Richman serving as president.