SeaChange bows out at Layer3 TV

Video solutions specialist SeaChange International has announced that, with the acquisition of Layer3 TV by T-Mobile, it had monetised its ownership stake. The initial payment of approximately $4.6 million has been received by the Company, with an additional payment of approximately $2.1 million being held in escrow, subject to the satisfaction of sale provisions.

“We are very pleased that we have realized a significant return on our investment in Layer3 TV.  The proceeds from this investment will further strengthen our cash position and balance sheet and provide additional support for our efforts to continue to improve SeaChange’s financial performance,” said Ed Terino, SeaChange CEO.

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