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Eisner, Time Warner Invest in Veoh

By Multi Channel News Staff -- Multichannel News, 4/18/2006 11:31:00 AM

Michael Eisner didn’t stay idle for long.

The former Walt Disney Co. CEO is investing in Veoh Networks Inc., which hopes to create an Internet-based television-delivery system, AP reported.

Veoh raised $12.5 million in financing from Eisner, Spark Capital and Time Warner Inc. Eisner's investment through his investment vehicle, Tornante Co., was not disclosed, according to AP.

Veoh pans to deliver broadcast-quality programming -- short films and more traditional, longer shows -- using peer-to-peer technology in order to allow both established TV networks and individual users to program "channels" on the service, AP reported.

Founder and CEO Dmitry Shapiro told AP the company is in talks with TV networks about distributing their content online, but for now, it offers public-domain shows and movies and content contributed by users.

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