MobiTV Files For $75 Million IPO

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Mobile-video provider MobiTV, which cites Comcast, Apple, Hulu and Netflix as among its current and potential competitors, hopes to raise up to $75 million through an initial public offering.

The Emeryville, Calif.-based company delivers more than 220 channels of video -- including 75 live channels -- across mobile devices, tablets, personal computers and other Internet-enabled consumer electronics.

MobiTV said video content aggregators such as Amazon, Hulu and Netflix indirectly compete with it in the mobile space, while pay-TV providers such as Comcast and DirecTV also offer competitive services. It also noted that Apple, Google and Microsoft may seek to expand into mobile video, according to MobiTV's S-1 filing Wednesday with the Securities and Exchange Commission.

MobiTV's customers include each of the major U.S. wireless carriers -- AT&T, Sprint, T-Mobile and Verizon Wireless -- as well as other U.S. and international wireless carriers and service providers. In 2010 MobiTV delivered more than 3,000 live events and streamed 1.4 billion minutes of video (up from 264 million minutes in 2007).

MobiTV, which was founded in 2000, is unprofitable. Revenue for 2010 was $66.8 million with a net loss of $15.2 million, according to its filing. In the first half of 2011, MobiTV generated $37.0 million in sales with a net loss of $8.2 million. The company had an accumulated deficit of approximately $116.3 million as of June 30, 2011.

The company's solutions have been deployed on more than 375 different types of mobile devices, including those based on Google Android, Apple iOS, BlackBerry and Windows Mobile. MobiTV licenses content from major TV studios, including ABC, CBS, Disney, ESPN, Fox, MTV Networks and NBC.

MobiTV also is the exclusive national provider of mobile TV services for AT&T U-verse Live TV, NFL Mobile on Verizon, Sprint TV and T-Mobile TV.

The company had 258 employees as of June 30, 2011. MobiTV's corporate headquarters and network operations center in Emeryville comprises approximately 46,000 square feet of space leased through November 2013. The company also has an R&D office in Stockholm, Sweden, and a product development facility in Overland Park, Kan.

J.P. Morgan Securities and Deutsche Bank Securities are acting as joint book-running managers for the IPO. Robert W. Baird & Co., William Blair & Co., and Pacific Crest Securities are acting as co-managers.