Vonetize Stock Rises After Announcing Planned Investment From Unnamed U.S. Fund
Vonetize’s stock has been sliding as a deal to be acquired by U.S.-based Desilu Studios, announced in March, was delayed several times before being dropped following an intellectual property lawsuit filed against the studio by CBS
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Tel Aviv-listed over the top (OTT) media services company Vonetize PLC’s stock rose 36.7% by market close Wednesday, reaching NIS 0.354 per share after it announced negotiations for an investment of up to $6 million from an unnamed U.S.-based fund. The boost brought Vonetize’s market capitalization to NIS 14.7 million.
Vonetize co-founder and CEO Noam Josephidis. Photo: Orel Cohen
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Founded in 2011, Tel Aviv-headquartered Vonetize develops technology that targets users with individualized ads and recommended paid content.
Vonetize co-founder and CEO Noam Josephidis. Photo: Orel Cohen
Vonetize’s stock has been struggling in the past year since a deal announced March for it to be acquired by a company calling itself Desilu Studios Inc., was delayed several times before being dropped completely in November.
Vonetize announced it was backing away from the deal a week after U.S. broadcaster CBS filed a lawsuit against Desilu Studios and its chairman Charles B. Hensley. The lawsuit alleges Hensley and his company have misled investors and partners to believe they are affiliated with Desilu Productions, a U.S. production company that was active between 1950 and 1967 and was behind several television hit series, including “I Love Lucy” and “Star Trek.” All of Desilu Productions’ original content and intellectual property was acquired by CBS in the late 1960s.