Loop Media Buys ScreenPlay
Burbank-based streaming video startup Loop Media announced on Thursday that it has acquired ScreenPlay, a video service provider which licenses videos for use in such locations as Hard Rock Cafes, Norwegian Cruise Line, Yard House, Buffalo Wild Wings and Margaritaville. Financial details of the cash-and-stock deal were not announced. Loop Media said the deal will provide it with a “deep library” and licensing rights to over 200,000 music videos and film, game, and TV trailers. Loop Media said 30-year old ScreenPlay has millions of dollars in annual revenue. Loop Media, led by co-founder and CEO Jon Niermann, recently raised $10M in funding to create what it calls a “short-form” streaming media service. Loop Media said that ScreenPlay’s founder and Chairman, Mark Vrieling, will become Chief Content Officer at Loop, and will lead content acquisition and licensing efforts for the company. Loop Media said that the rest of ScreenPlay's team will join Loop’s Seattle offices.