Rainbow Sheds VOD Units

VOD business acquired by entertainment and technology execs Joe Covey and Matthew Davidge

October 9, 2008

1 Min Read

NEW YORK -- Rainbow Media Holdings LLC announced today that it has completed the sale of its LIFESKOOL video-on-demand service to long-time media, entertainment and technology entrepreneurs Joe Covey and Matthew Davidge, who will operate the business using the network’s previous brand name, Mag Rack Entertainment. Lifeskool is an on-demand television network dedicated to helping individuals make the most of their lives with entertaining and exclusive content that inspires and informs.

In a joint statement, Messrs. Covey and Davidge said, "As the consumption of time-shifted viewing and interactive content spirals upwards, LIFESKOOL will stay on and sharpen the cutting-edge of the viewing experience."

"Joe and Matthew have a strong track record of developing media and technology businesses and finding new and innovative ways to grow them," said Dan Ronayne of Rainbow Media. "We wish them much success with LIFESKOOL in the years ahead."

Rainbow Technologies Inc. (Nasdaq: RNBO)

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