WarnerMedia has completed its acquisition of Kanata-based software firm You.i TV, the New York-based media giant confirmed this week.
You.i TV’s platform that delivers video apps for devices such as smart TVs, mobile phones and tablets will help the U.S. entertainment firm roll out its HBO Max streaming service in global markets, WarnerMedia said Monday night. HBO Max is slated to expand into Latin America next year, while HBO-branded services in Europe will be upgraded to HBO Max.
Financial terms of the deal were not released. Last week, the Globe and Mail said a source pegged the value of the transaction at more than US$100 million.
“The You.i Engine One technology, and the development teams behind it, are best-in-class,” Jason Press, WarnerMedia’s executive vice-president of direct-to-consumer technology and program management, said in a statement.
“The You.i platform will enhance the HBO Max technology stack, increase developer efficiency and accelerate delivery as we bring HBO Max to consumer devices all around the world.”
You.i TV spokesperson Sandra Catana told OBJ on Tuesday the company had no comment on the transaction.
Monday’s announcement officially marks the end of You.i TV’s 12-year reign as one of the Kanata North tech park’s leading independent software enterprises.
Since its founding in 2008, the 200-person company has built a high-profile list of customers that includes AT&T – the parent company of WarnerMedia and a significant investor in You.i TV – Fox and Toronto’s Corus Entertainment as well as major professional sports leagues such as the NBA and NFL.
You.i TV attracted more than US$50 million in venture capital over the past five years as the market for streaming services expanded rapidly.
But according to the Globe and Mail report, the company was struggling to keep pace with growth expectations, and a source told the publication its sales had taken a hit during the pandemic.
It’s not immediately clear what will happen with You.i TV’s contracts with non-WarnerMedia customers.