Thursday, October 27, 2016

Vessel Acquired by Verizon, Will Shut Down

Vessel, the subscription video streaming service led by former Hulu CEO Jason Kilar and CTO Richard Tom, has been acquired by Verizon, Vessel said on Wednesday. Financial terms of the acquisition were not announced. As part of the acquisition, Vessel said it will be shutting down the Vessel service on October 31st. In the announcement of the deal, Kilar and Tom said that the "heart of the transaction" is Vessel's technology, which will be incorporated into Verizon's efforts in online video. Vessel had raised more than $130M in funding from such investors as Benchmark Capital, Greylock Partners, and Bezos Expeditions.