AOL Time Warner Opportunity Investment Fund Leads Round of Financing for MediaVast.Business Editors NEW YORK--(BUSINESS WIRE)--June 30, 2003 The AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner Opportunity Investment Fund today announced that it led the $4.7 million Series B round of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for MediaVast, Inc. (www.mediavast.com), parent company of WireImage, Contour Photos, FilmMagic, and WINCreps. Also participating in this round was existing investor, Baroda Ventures, a technology-focused venture firm led by GeoCities founder, David Bohnett David C. Bohnett (born April 2, 1956 in Chicago Illinois) is a philanthropist and technology entrepreneur. Biography David C. Bohnett is the Chairman of the David Bohnett Foundation,[1] , as well as other new and existing individual investors. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , MediaVast, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , provides professionally licensed photography and assignment services to the world's media through its established photography brands. WireImage, its first and largest division, was launched in 2001 and represents over 500 professional photographers, whose work is regularly featured in major domestic and international magazines, newspapers, Web sites, television programs and advertisements. Rachel Lam, managing director of the AOL Time Warner Opportunity Investment Fund, said: "We're delighted to lead this round of financing to help MediaVast build its businesses to their full potential. MediaVast is a high-growth business, with a diverse and talented management team that has demonstrated its ability to successfully execute the Company's promising business model. Beyond enhancing MediaVast's growth prospects and leadership position in the industry, our investment will strengthen the Company's position as an important content supplier and strategic partner to many of AOL Time Warner's businesses." Jason Nevader, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MediaVast, said: "We're very pleased that AOL Time Warner has chosen to support our growth strategy through this investment. This infusion of capital will enable our Company to continue to build our successful core entertainment businesses while fueling our expansion into new categories and extending our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ." The AOL Time Warner Opportunity Investment Fund, a unit of the AOL Time Warner Strategy and Investments Group, aims to enhance the growth opportunities of companies through a combination of investment capital and strategic partnerships with AOL Time Warner's business units. The fund invests in businesses that have significant ethnic, gender or other diversity in their senior management or that target under-served markets; that have attractive financial return profiles; and whose operations have a strategic fit with AOL Time Warner's businesses. About AOL Time Warner Inc. AOL Time Warner (NYSE NYSE See: New York Stock Exchange : AOL) is the world's leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks, music and publishing. About MediaVast, Inc. MediaVast is a media company focused on developing visual content businesses that effectively exploit its proprietary digital content management, licensing, and distribution platform. MediaVast brands include WireImage (www.wireimage.com), Contour Photos (www.contourphotos.com), FilmMagic (www.filmmagic.com), WINCreps (www.wincreps.com), and WireImageStock (www.wireimagestock.com). MediaVast is a privately held company, with over 90 employees, and offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , London, and Tokyo. About WireImage WireImage is a leading digital photographic press agency and wire service. The Company provides professionally licensed photography and assignment services to the world's media on a real-time basis. WireImage has extensive experience covering major entertainment, music, fashion, sports, news and corporate events. The Company's photographer base comprises acclaimed professionals and industry veterans whose work is regularly featured in major domestic and international magazines, newspapers, Web sites, television programs, and advertisements. |
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