Redmond, Wash. Media provider PlayNetwork said Tuesday it plans to acquire Channel M, a producer of customized in-store TV networks.
The newly combined entity will be branded PlayNetwork, and will be focused on a comprehensive brand package of music, messaging, video media, systems integration, and advertising and entertainment related services.
PlayNetwork’s current investors -- Chartwell Capital Management, Talon Asset Management and Joshua Green Corp. -- will be augmented by additional investor interests from Vintage Fund Management, Ascend Venture Group and Intel Capital.
Effective upon closing, Darryl Wash, managing partner from Ascend Venture Group, will join PlayNetwork’s board. Channel M founders David Teichner and Eric Hebel will join PlayNetwork’s executive management team as executive VP business development and Channel M advertising services and senior VP creative media services, respectively.
The company will maintain offices in Redmond, Wash.; Sherman Oaks, Calif.; New York City and Chicago. The acquisition is scheduled to close Oct. 30.