PRN, indoorDIRECT launch JV to increase QSR DOOH footprint
Premier Retail Networks LLC, a Technicolor company and global provider of digital place-based media services, and indoorDIRECT Inc., owner of The Restaurant Entertainment Network, a fast-growing digital media outlet currently operating in more than 1,200 major brand quick-service restaurants in the United States, today announced they have entered into an agreement to form a joint venture increase its QSR footprint.
The resulting entity, led by indoorDIRECT co-founder Michael Winton and board member Charlie Rutman, will provide marketers and advertisers with the ability to reach even more consumers outside the home, the companies said.
Under the agreement, PRN will take a 50 percent equity position in the joint venture, in exchange for an undisclosed capital investment. The remaining 50 percent of the joint venture is owned by a number of investors, with Syncom Venture Partners as the largest. A portion of the investment will be used to further expand the network's national footprint, increasing the number of dining locations to 2,500 by mid-2012. PRN will also take over management of all advertising sales, programming and network operations, while indoorDIRECT will contribute a host of assets, such as its brand name, existing dining venue agreements, technology infrastructure and other related agreements, and personnel. indoorDIRECT programming currently appears in a number of leading quick-service restaurants, including certain Taco Bell,Wendy's, Denny's, Carl's Jr., Hardee's and Arby's locations.
The joint venture builds upon the strategic alliance between PRN and indoorDIRECT announced in October 2009, when PRN began providing national and regional advertising sales services for The Restaurant Entertainment Network.
"Dining is a fast-growing, key category in digital place-based media, and indoorDIRECT is the leader in this market segment," said Ahmad Ouri, president of PRN, in the announcement. "This is a tremendous opportunity to further accelerate its growth, and PRN has the power and the experience to support this expansion."
"We value our successful relationship with PRN, and this commitment will help us further expand our platform, reach more diners, and provide marketers a more effective way of reaching consumers throughout the day," said indoorDIRECT's Rutman.
"We are very excited about the possibilities," said Duane McKnight, senior partner, Syncom Venture Partners. "This venture solidifies the company's growth prospects and ensures that indoorDIRECT will quickly become a leading advertising and promotional platform within the digital place-based advertising sector."
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