Minute Media, the digital media brand owner, has acquired video content solutions firm VideoVerse.
Through the deal, Minute Media also takes ownership of AI-based Magnifi, which is a platform run by VideoVerse that edits sports video content into digestible highlights and clips across media and social media platforms.
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The deal aims to further both firms' partnership capabilities, with Minute Media now able to deploy "a fully integrated creation, distribution, and monetization solution" for sports properties worldwide. Existing Magnifi clients will also now be able to integrate new features brought through by this deal into their tie-ups.
That list of sporting Magnifi clients includes the likes of soccer's governing body FIFA, electric car racing series Formula E, and the Professional Squash Association.
The technology uses features such as computer vision, natural language processing, and machine learning.
Asaf Pelad, Minute Media's founder and chief executive, said: "We are thrilled to bring the passionate teams and robust capabilities of VideoVerse into the Minute Media family to bring teams and leagues a full-stack solution from creation to distribution to monetization.
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By GlobalData"In addition, with VideoVerse’s technologies, Minute Media’s owned & operated brands, partners, and clients will experience and have the very best in AI-powered creation."
Minute Media is aiming for this deal to bring improvements across multiple of its brand titles, including STN Video, Sports Illustrated, and The Players' Tribune.
Minute Media purchased the Canada-based STN Video back in January 2024, for a fee reportedly in the region of $150 million.
