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29/08/2000

NEW FUND FOR MEDIA AND TECHNOLOGY COMPANIES

THE GUARDIAN Media Group, Channel 5, and radio groups GWR and Wireless Group are backing a £36 million venture to invest in high growth new media and technology businesses.
Accelerator Media fund is a new initiative set up by various media companies and industry figures to invest in high growth media affairs.
The fund will receive cash and 'advertising inventory' in exchange for equity stakes in the new media ventures, although Accelerator is refusing to detail exactly how much money broadcasters will provide.
Successful applicants will be able to exploit the backers' marketing expertise and reduce cash burn through beneficial advertising terms.
Accelerator chief executive Philip McDannell said that successful applicants would need to demonstrate revenue streams, strong management, high barriers to entry in their chosen markets and multi-platform potential.
McDannell added he was looking for companies who were able to demonstrate that they understood what the public was actually interested in.
Gold Zack, a financial services company, has provided the £20million cash element of the Accelerator Media fund, whilst the remaining £16million invested in the fund will be in advertising space contributed by media companies such as Channel 5 and Guardian Newspapers.
The company's media director will be Alan Brydon, formerly media director of Abbott Mead Vickers BBDO.
VMI.TV Ltd

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