Premier Retail Networks, LLC and indoorDIRECT®, Inc.Announce Agreement to Form Joint Venture
Premier Retail Networks, LLC and indoorDIRECT®, Inc.
Announce Agreement to Form Joint Venture
Expanded alliance to accelerate growth of digital place-based media services in quick-service restaurants
SAN FRANCISCO, Calif. and DALLAS, Texas, January 17, 2012 – Premier Retail Networks, LLC (PRN), a Technicolor Company and global leader in 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. 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.
Under the agreement, PRN will take a 50% equity position in the joint venture, in exchange for an undisclosed capital investment. The remaining 50% 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 andother 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. “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.”
About indoorDIRECT, Inc.
indoorDIRECT®, Inc. (“indoorDIRECT® ”) is the owner of The Restaurant Entertainment Network®, a powerful in-store television network that delivers Internet-based entertainment and advertising to more than 1,000 major brandquick-service restaurants nationwide. The Restaurant Entertainment Network® entertains more than 150 million consumers annually in America’s top DMAs while providing quick-service restaurants the opportunity to increase same store sales, enhance brand loyalty and encourage repeat visits. indoorDIRECT® isprivately held and based in Dallas, with additional offices in New York and Los Angeles.
About Premier Retail Networks, LLC
Premier Retail Networks, LLC (PRN) provides digital place-based media services that enable retailers and marketers to reach consumers in more than 8,550 locations in the U.S. and Mexico. PRN works with leading retailers, advertisers, content and technology companies to create and deliver place-based media that engages, informs and motivates consumers where they shop, eat and socialize. PRN’s retail customers include Acme Markets, Albertsons, Associated Food Stores, BJ’s Wholesale Club, Costco, Jewel-Osco, Meijer, Pathmark, Sam’s Club, Shaw’s, ShopRite, Star Market, Target, Walmart Stores and Walmart Mexico. Through advertising sales relationships with Retail Entertainment Design and indoorDIRECT, PRN also represents the in-venue networks located in Fred Meyer and Fry’s Marketplace retail stores, and in a number of leading quick service restaurants. PRN’s programming alliances include major television networks and other media properties, as well as movie studios, record labels and magazine and newspaper publishers.
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