Mag Rack Entertainment said it's purchased on-demand network Concert.TV, which has distribution deals with Comcast, Charter, Cox, DirecTV and other operators.
Launched in 2003, Concert.tv is said to reach close to 30 million homes with live music performances and documentaries on video-on-demand platforms. Its co-founders, Jeff Schultz and Michael Shimbo, said in a release the sale will "help propel the network through its next stage of growth."
Terms weren't disclosed. Concert.tv also has operated a broadband site with live music videos. Update: As of Feb. 5, the broadband music site appeared to have been taken down and replaced basically with linked advertising. A spokesperson said the new owners had plans to make changes to the site.Update: the site was back online on Feb. 6.
Mag Rack Entertainment was formed last year by Joe Covey and Matthew Davidge. Davidge was a consultant to Rainbow Media Networks and approached Covey, a venture capitalist at Milestone Venture Partners, when it became clear Rainbow wanted to sell the Lifeskool VOD service. Lifeskool was their first purchase; Concert.tv is their second.