Ericsson to Buy Red Bee Media
STOCKHOLM -- Ericsson (NASDAQ:ERIC), a world-leading provider of communications technology and services, today announced its intention to acquire Red Bee Media, a world-leading media services company headquartered in the UK, from an entity controlled by Macquarie Advanced Investment Partners, L.P.
The acquisition, which is subject to regulatory approval, supports Ericsson's strategy to grow in the broadcast services market and takes advantage of its technology and services leadership to help broadcasters and content owners address the convergence of video and mobility. It will bring 1,500 highly-skilled employees, as well as media services and operations facilities in the UK, France, Germany, Spain and Australia. This will further strengthen Ericsson's broadcast services business, which was started in 2007 and expanded in 2012 with the acquisition of Technicolor's Broadcast Services Division.
With 1,240 of Red Bee Media employees being based in the UK, Ericsson's UK business would grow to around 4,000 employees and with more than one-third working in the media services business, the UK will become a global media hub for Ericsson.
Since its foundation in 2005, Red Bee Media has established itself as a strong and diverse business with a growing number of customers around the world. It provides a range of media services; from media asset management to playout and digital video publishing, metadata services, multilingual access services and creative services to major broadcasters and broadband platforms. Red Bee Media, which is known for its high quality playout services, is also the largest editorial metadata provider in Europe, delivers more than 100,000 hours of subtitling per year for leading broadcasters.