UK-based multi-channel network (MCN) Base79 is familiar to the music industry, partly through its deal to run the channel of Ministry of Sound – one of the first of its kind when it launched in 2009 – and more recently when YouTube content exec Patrick Walker went from being a stakeholder in Base79 to a full-time role as chief content officer at the company. Now the company itself is under new ownership: it’s been bought by British digital video firm Rightster in a deal worth £25m in cash and a potential £25m in shares if performance targets are hit in its first year. Alongside the deal, it was announced that YouTube co-founder Chad Hurley is taking a stake in Rightster and joining the company’s advisory committee. Figures released alongside the acquisition offer yet another sign of how tough it is for MCNs to make money: Base79’s revenues last year were £3.27m, but its net loss was £3.74m. A timely exit.

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