MovieBeam Buyer Promises VOD Resurrection

An Indian investment firm said it completed the acquisition of video-on-demand service MovieBeam from Movie Gallery, which acquired the property from Disney.

Earlier reports indicated that the purchase price was $2.25 million. Dar Capital assisted in the transaction.

Buyer Valuable Group said Tuesday that MovieBeam, which will be moved to its Seattle office, will relaunch over the next two years. MovieBeam shut down in December.

MovieBeam offered movie rentals via special set-top boxes that stored data via streams embedded in broadcast-TV signals.