online media platform
Raising funds for a launch in 2015
Quantum, through its Mercury subsidiary, is planning to launch an online media platform in 2015.
According to Amer Chehab, Managing Director of Mercury, several millions of dollars have been invested in the project. “We have recently launched funding rounds and aim at having local shareholders.” He said that they are currently in negotiation with several banks and venture capital funds such as Berytech Fund, and aim to secure funding, under the circular 331.
The channel will offer varied media services from programs, to movies, news, and even books. It is similar to the US-based Netflix and Hulu. “The platform will not only have a Lebanese audience, but is also an international one,” Chehab said.
Chehab said that the new platform is different from Internet protocol television (IPTV) in that it requires no broadband. It can be viewed on a TV, PC, tablet, Smartphone, or Smart TV, through a proprietary website that will be announced at a later date.
The majority shareholder is Quantum Holding, chaired by Eli Khoury, CEO of M&C Saatchi MENA.
Date Posted: Oct 28, 2014