Australian telecom Telstra announced Thursday night that it has completed the sale of Ooyala to the video technology company’s upper management, thus culminating the infrastructure conglomerate’s pricey attempt to own a piece of Silicon Valley.

Telstra purchased Ooyala in two stages in 2012 and 2014 under the direction of former chief David Thodey, spending more than $500 million in the process. By 2016, Telstra conceded that the value of Ooyala had dipped to $246 million. And by last February, the telecom—which had attempted to participate in the monetization video companies like Netflix were enjoying on its network—submitted to that the value was zero.

Related: Telstra Writes Off Ooyala Investment

Terms of the transaction weren’t disclosed.

“With this transaction, we’re ushering in an exciting new chapter for our company, positioning ourselves to invest even more aggressively in our client solutions,” said Jonathan Huberman, CEO of San Jose, Calif.-based Ooyala, in a statement. “We’re now much better equipped to more nimbly drive Ooyala’s growth—innovating our own technologies as well as acquiring others that deliver the best customer satisfaction. Our flagship product, the Ooyala Flex Media Platform, is on track to solidify a position as the best-in-class video streaming and media logistics solution.”

Ooyala hired Huberman in April 2017, about five months after former CEO Ramesh Srinivasan left the company. Huberman also came on board a couple months after Ooyala had reportedly laid off 14% of its workforce amid a restructuring that, it hoped, would lead to new jobs and product areas.

Ooyala’s Flex Media Platform underpins the company’s suite of video streaming and media logistics solutions. Ooyala powers the content supply chain for media, entertainment, telecommunications, enterprise, broadcast, and sports clients including Audi, Chelsea FC, Dell, National Rugby League of Australia, PGA, Starhub, Sky Sports, Turner … and Telstra, which will remain a customer.

Discovery Communications said in a Securities and Exchange Commission filing late Wednesday that it has committed between $40 million and $60 million to an employee buyout aimed at streamlining the programmer and helping it invest in growth initiatives including digital services and content creation.

According to the 8-K filing, typically made by public companies to announce a material event, Discovery identified eligible employees on April 28 and began offering the buyouts on May 4. 

The company did not disclose how many employees are eligible for the buyout and how many it believes will take the offers.

Discovery said it also is looking for other ways to cut costs and is investigating “additional actions to reduce its non-personnel costs and is continuing to evaluate its overall expense base,” according to the filing.

In a memo from Discovery CEO David Zaslav that was included in the public filing, the moves are part of the company's ongoing strategic planning.

"We are rolling out a number of cost-reduction efforts around the globe, including budget reallocations, technical and process improvements and organizational restructuring, all designed to make us more competitive and ensure that we can continue investing in new growth initiatives," Zaslav said in the memo. "The specifics of the cost reductions will vary across business units and geographies, and you will hear from your leadership team in the days and weeks ahead.  There is no doubt that change can be challenging and difficult. This process, while necessary, is a tough one. In making these hard decisions, we are positioning Discovery for many more years of success and growth as a leader in global entertainment."

Zaslav continued that the ultimate goal is to maximize the company’s linear TV business while pursuing other opportunities like launching new digital and mobile offerings.

"The cost savings will allow us to continue growing our business while investing in four key areas: more loved content; sports and other valuable IP; digital services and OTT products; and international growth markets,” Zaslav said in the memo.

The announcement comes the day before Discovery is scheduled to release its first quarter earnings results. In the memo Zaslav said the company is strong – ad sales and international affiliate revenue are healthy.

“All the success we have today has been driven by embracing change and disrupting ourselves in the past,” he said in the memo. “I am confident that these cost-reduction measures will both amplify our current strengths and pave a clear path for continued growth and success… Together, we can embrace the change, lead the disruption and continue transforming our company for the future.”

Private equity firms Bain Capital and The Blackstone Group have held early discussions with two top investment bankers concerning their stakes in The Weather Channel, including a possible sale of their interests, according to reports.

According to a report in Bloomberg News, the buyout firms have approached investment bankers J.P. Morgan Chase and Goldman Sachs concerning their possible options, including an outright sale of all or part of the company. Bloomberg said that The Weather Channel has not begun a process or hired bankers yet. The channel, which is fully distributed in more than 100 million homes, was purchased in 2008 for $3.5 billion by Blackstone, Bain and Comcast’s NBC Universal.

While fully distributed channels have attracted high prices in the past, The Weather Channel has come under fire recently for its programming. In January DirecTV dropped the channel for three months – it later signed up with weather service Weather Nation instead – complaining that the network filled its prime time slots with reality programming instead of focusing on weather forecasts. The Weather Channel returned to DirecTV in April, after it agreed to pull back on reality programming and focus more on local weather updates.

Officials at The Weather Channel, Blackstone, NBC Universal and Bain all declined comment.

Sources familiar with the matter said that while “very preliminary” discussions have occurred between the buyout firms and bankers, nothing is imminent.

“I wouldn’t attach a lot of significance to it,” said one person familiar with the companies.

Investors also seemed unfazed by a potential Weather Channel deal. Comcast stock was down about 15 cents each (0.3%) to $56.83 per share in Friday afternon trading.