Michael Eisner former boss of Walt Disney Co.(DIS) and Time Warner Inc.(TWX) have together invested in an Internet start-up that focuses on video technology according to the two parties on Tuesday.
Eisner who has an investment firm called The Tornante Co. will be included with Time Warner Inc. and Spark Capital in a series B round of financing. Eisner will also be included on the Veoh board of directors.
What Veoh's technology offers is that it uses the Internet to "expand broadcast capacity to the point that every single user, whether an individual or a media company, can create their own 'channel' and every 'channel' can be supported by its own business model" according to Eisner.
Eisner was CEO at Disney for 21 years before a shareholder revolt and constant turmoil caused him to leave the company last year.
Comment Preview