Second screen apps start-up Viggle's plans to take over older and bigger second screen player GetGlue for $25 million and some stock has become, well, unglued.
Less than two months after Viggle agreed to buy social TV rival GetGlue for $80 million in stock and cash, GetGlue founder Alex Iskold announced on Sunday that the company decided to scrap the deal.
Social TV application makers Viggle and GetGlue have called off their merger plans. The companies did not specify the rationale behind the decision; in a blog post announcing the decision, GetGlue founder and CEO Alex Iskold wrote "the two companies remain friendly."
Despite what many believe, I am not a troglodyte. I am technologically proficient--if not exactly cutting edge--and I can navigate my way around Facebook or Twitter if I need, or more importantly, want to.
Consolidation is often a sign that a market segment is flourishing and, more importantly, that fewer players can make the space more viable. That business model is apparently at work in the fledgling social TV space, where Viggle has agreed to acquire GetGlue.
In what may set off a wave of consolidation in the social TV sector, Viggle struck a deal to buy rival second-screen application provider GetGlue for nearly $80 million in stock and cash.
Social TV startup GetGlue said it raised $12 million in financing that includes additional funds from previous investor Time Warner ( NYSE: TWX ). The round of financing was led by Rho Ventures, and
Miso, the social TV platform provider that has deals with DirecTV ( Nasdaq: DTV ) and AT&T's ( NYSE: T ) U-verse TV, said it raised $4 million in financing from Khosla Ventures, Google Ventures (
Of all the cool technology demos I saw this week at the SCTE Cable-Tec Expo in Atlanta , the one I've been thinking the most about is the social TV demonstration Motorola Mobility ( NYSE: MMI ) had at
DirecTV ( Nasdaq: DTV ) struck a deal with social TV firm GetGlue which will allow its satellite TV subscribers to channel surf based on programs their friends are watching.