OTT player Move Networks, which works with adaptive bit-rate technology, has announced that it intends to retain a financial advisor to assist it in evaluating strategic alternatives, including a possible sale of the company. No timetable has been set for completion of the review, and there can be no assurance that any transaction will occur. Roxanne Austin has resigned as president and CEO. Marcus Liassides, EVP of sales and business development, will be promoted to president and will oversee day-to-day operations.
Move’s streaming technology is based on its proprietary adaptive bit-rate technology, whereby large video files are broken up into many small files called streamlets, which are then delivered as a series of video segments using a highly efficient transmission protocol. Move Networks also owns Inuk Network’s end-to-end IPTV service. Over the last year, Move has combined the best of its streaming technology with Inuk to yield a comprehensive subscription service that couples live, multi-channel television, full PVR in the cloud capability and the mobility, functionality, and interactive features of the Internet to provide a rich multimedia experience for consumers on their television, personal computer, and mobile device.
As Move evaluates its strategic alternatives, the company will focus its operations on maintaining the existing MSO platform and continuing to serve existing customers and potential new partners. In order to conserve cash on hand during this evaluation process, Move announced a reduction of its workforce.