Discovery Communications Acquires Revision3
Discovery Communications has acquired Revision3, a web video startup company founded by Kevin Rose, David Prager, and Jay Adelson. Revision3 produces their own shows like “Tekzilla” and “Epic Meal Time.” Kevin Rose and Alex Albrecht used to host a show on Revision3 called “Digg Nation.” Jay Adelson currently hosts a show on Revision3 called “Ask Jay.”
Discovery did not reveal their purchase price, but it is rumored to be at around $30 million. Revision3 ended up raising $10 million over the last 6 years. Revision3 has 50 employees and there is a chance that they could receive earn-outs.
Revision3 will continue making their own web shows, which hit about 100 million streams per month. Discovery will eventually find out ways to sync up their own content into Revision3.
“We want them to continue doing what they’re doing, and to continue developing native digital talent,” stated Discovery’s digital head JB Perrette.
“We produce content on a $500,000 to $750,000-an-hour scale,” Perrette says. “Producing something at a tenth of that cost means it has to be very different.”