Medialink Worldwide Inc., known for its video news releases (free video content paid for by Medialink clients for use in news programs), has agreed to sell its ownership in the Teletrax video tracking unit to Philips Electronics, making Philips the full owner of the company.
Teletrax makes video “intelligence” solutions such as watermarking technologies to allow networks and others to track distribution of their content. Before this deal, Philips had been a part owner of the company.
The deal comes as Teletrax comes off second-quarter revenue of $568,000, 75 percent higher than in Q2 2007.
Teletrax users have included networks, Reuters, and, last fall,
Major League Baseball, to track where its World Series content ended up.
Revenues for MediaLink were $7.0 million in the quarter, down 15.4 percent from a year ago. Over the first half of the year, revenue was down 13.3 percent from compared to the first half of 2007.
The company also sold its U.K. media communications services business.
“Closing the transactions for Teletrax and our U.K.-based media communications services business will allow us to better focus our financial and management resources on our core U.S.-based business,” said Laurence Moskowitz, Medialink president and CEO. “We are continuing with our operational re-alignment and service integration efforts, but the current economic climate continues to pose significant challenges.”
Medialink’s net loss for the half was $10.6 million, or $1.65 per share.