Joost is the new online TV network based on file sharing tech. It was started by the founder of Skype.
The start-up has just raised $45 million, and its is interesting to see who put in money: Sequoia Capital, Index Ventures, Viacom, CBS and Chinese tycoon, Li Ka-shing. The money from China comes from the patriarch of the family that contols China telecom powerhouse PCCW (PCW). Of course, Sumner Redstone’s two media companies came up with cash, perhaps just to spite Google’s (GOOG) YouTube, which has been pirating Viacom (VIA) and CBS (CBS) content. That entire matter is now heading to court.
Joost already has content deals with CNN, Warner Music (WMG), Viacom, CBS, and Turner Broadcasting. It has also added major advertiser include Coca Cola and Nike.
The investment by Redstone throws more gas on the flames of his fight with YouTube. If he cannot vanquish the video sharing website in court, perhaps he can defeat it in the market place.
Douglas A. McIntyre
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