Global communications technology and services provider Ericsson announced Jan. 18 it plans to acquire Grand Prairie-based FYI Television, an entertainment metadata and rich media content supplier. Finanical terms were not disclosed. The deal is expected to close in the first quarter.
FYI Television`s employees will join Business Line Broadcast & Media Services, part of Ericsson`s Business Unit Global Services. .
Earlier this year, Ericsson established a U.S. broadcast and media services hub based in Atlanta. The company currently provides closed captioning services to broadcasters around the world from this hub, with plans to roll out video description services over the coming months.
“As the TV industry evolves and viewing behavior changes, we believe that high-quality, rich metadata will be a key component for a personalized TV experience,” said Magnus Mandersson, executive vice president and head of business unit global services at Ericsson. “Combined with our capabilities in TV platforms and content discovery, we will be able to help our customers to improve the video experience and identify new revenue opportunities. FYI Television`s expertise and customer base in the U.S. is a great complementary fit for Ericsson and will be an integral part of our growth strategy. It will strengthen our position as one of the leading providers of media services in the world.”
Ericsson is based in Stockholm, Sweden, but its U.S. headquarters is in Plano.