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MobiTV Pulls IPO

7/14/2012 7:42 AM Eastern

Mobile-video provider MobiTV withdrew its initial public offering Friday, citing "unfavorable market conditions," nearly a year after filing for an IPO to raise up to $75 million.

MobiTVThe company said it will immediately terminate its IPO registration in a filing Friday with the Securities and Exchange Commission. In its S-1 registration statement filed Aug. 31, 2011, MobiTV cited Comcast, DirecTV, Apple, Hulu, Microsoft and Netflix as among its current and potential competitors.

For the full-year 2011, MobiTV generated $85.1 million in revenue and reported a net loss of $11.8 million, according to an SEC filing. The company said it had an accumulated deficit of $120 million as of Dec. 31, 2011.

MobiTV's customers include each of the major U.S. wireless carriers -- AT&T, Sprint Nextel, T-Mobile and Verizon Wireless -- as well as other U.S. and international wireless carriers and service providers. The company licenses content from major TV studios, including ABC, CBS, Disney, ESPN, Fox, MTV Networks and NBC.

In 2011, Sprint, T-Mobile, AT&T and Verizon represented 42%, 26%, 19% and 10% of MobiTV's revenue, respectively. In February 2012, MobiTV extended the term of its agreement with Sprint to September 2014, while its T-Mobile agreement automatically renewed in December 2011 for a one-year term. The AT&T agreement expires in January 2013, while MobiTV's NFL Mobile agreement for the 2011 NFL season with Verizon expires this month.

MobiTV's headcount increased from 209 full-time employees at the end of 2010 to 276 at the end of 2011.

In 2011 MobiTV delivered more than 3,200 live events and streamed 1.6 billion minutes of video (up from 3,000 events and 1.4 billion minutes of video in 2010).

 

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