Videology Announces Bankruptcy and Asset Sale

US TV and online ad targeting specialist Videology has filed for Chapter 11 bankruptcy protection, while announcing plans to sell its assets to mobile ad targeting firm Amobee, the ad tech division of telecoms company Singtel. The deal is reported to be worth around $45m.

Videology's technology enables clients to manage, measure and optimize digital video and TV advertising, and target precise consumer segments by demographics, psychographics and behavioral habits. In March, the firm went through a restructure, resulting in the redundancy of between 5% and 6% of its workforce.

Under the terms of the firm's bankruptcy proceedings, other interested parties will be able to submit competing bids, and the sale is subject to court approval. In the filing submitted to the US Bankruptcy Court for the District of Delaware, it states that Videology has estimated liabilities of more than $100m and assets of $86.5m.

Commenting on the news, Scott Ferber (pictured), Videology founder and CEO, said in a statement: 'We are confident that today's transaction represents the best path forward for Videology and is in the best interests of all our stakeholders. Most importantly, we anticipate it being seamless for our valued clients and partners, while providing Videology the financial stability and strategic position to drive future growth'.

Web site: www.videologygroup.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.