Vewd Software Gets $10 Million Lifeline After Bankruptcy Filing

Vewd Software, a Norwegian-based over-the-top video tech provider to myriad companies, including Redbox, Cinedigm and Vizio, has received a $10 million lifeline from its lenders two days after a Dec. 15 voluntary bankruptcy filing.

Under the prepackaged plan of reorganization under Chapter 11 of the United States Bankruptcy Code, Vewd will swap $118 million in debt as equity to its lenders. The company cited the pandemic and a shareholder dispute for its fiscal troubles.

“As we embark on our next phase of growth in a highly dynamic, fast-paced industry, it has become imperative that we boost our ability to invest into the accelerated roll-out of our new products and solutions,” Vewd CEO Aneesh Rajaram said in a statement.

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Launched in 2002, the Oslo-based company claims to embed its streaming technology on 40 million connected TVs, set-top boxes, game consoles and cars each year.

“We look forward to emerging from this process with a healthy balance sheet, empowering Vewd to continue its growth trajectory within the evolving OTT industry,” Rajaram said. “Future owners have demonstrated a clear commitment to our company’s long-term success and our mission to enable entertainment everywhere.”

Vewd, Vestel Partner For European Set-Top-Less Smart-TVs

Taking a page from Comcast and satellite subsidiary Sky, Norwegian streaming company Vewd has partnered with Vestel, Europe’s largest TV manufacturer, to launch Vewd Operator TV, a branded Smart-TV that doesn’t require a set-top device to connect with content apps.

Vestel produces TV’s for more myriad brands, including JVC, Hitachi, Telefunken and Toshiba.

“By working directly with Vewd, we can leverage our manufacturing and retail distribution experience to contribute in reducing time-to-market, enabling substantial CapEx savings, while delivering an experience that reduces churn and improves subscriber satisfaction,” Barış Altınkaya, VP of marketing and product management, said in a statement.

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The Vewd Operator TV works with pay-TV subscription models and revenue, distributing costs, development time, and risk.

“Operators have tried different strategies to embrace Smart TV, but together with Vestel, we’ve made the first solution that seamlessly connects Pay TV and Smart TV,” said Aneesh Rajaram, CEO of Vewd. “Consumers are streaming more and connecting fewer devices to the TV. As a result, Operators are forced to fight for visibility among Smart TV apps. Vewd Operator TV ensures Operators of any size can seize control from the start and win the home’s most important screen.”

Redbox Expands Reach of Streaming App Through Vewd Deal

Redbox Sept. 23 announced it has signed an agreement with Vewd to pre-load the Redbox app on all new Vewd-powered TVs and set-top boxes in the United States.

Vewd is one of the world’s largest providers of OTT and hybrid-TV solutions. Vewd will also feature the Redbox app to existing customers on such brands as Hisense, Funai and Tivo, as well as pay-TV operators such as Evoca.

Redbox’s streaming app offers access to new-release movies and TV series through Redbox’s TVOD service. It also offers consumers the ability to watch more than 100 free, ad-supported streaming TV (FAST) channels, as well as stream thousands of movies and TV titles for free through its rapidly growing AVOD service.

This month viewers can stream for free Hunter Killer, starring Gerard Butler and Gary Oldman; Enders Game, starring Harrison Ford and Asa Butterfield; the classic Notre Dame football movie Rudy; the drama Big Fish, starring Ewan McGregor; and the 1990s teen romantic comedy Can’t Hardly Wait, with Jennifer Love Hewitt.

Vewd’s software not only powers the OTT experience for its customers but also enables programmatic promotion of content from dozens of streaming video entertainment apps. Vewd has powered the streaming revolution for nearly two decades, having shipped its streaming software on more than 450 million devices to date.

“Vewd has a powerful platform that is used by millions of customers every day to access their favorite streaming content,” said Jason Kwong, chief strategy and digital officer at Redbox. “Partnering with a company like Vewd gives our consumers another easy way to access our library of both blockbuster new release movies along with a fantastic catalog of free movies and streaming channels.”