Comcast’s NBCUniversal unit said it agreed to acquire a majority stake in online crafting website Craftsy.
Financial terms were not disclosed.
Craftsy will become part of the NBCUniversal Cable Entertainment portfolio under chairman Bonnie Hammer.
In an internal memo, Hammer described Craftsy as a leader in the lifestyle learning entertainment space that produces high-quality interactive video classes featuring experts in cooking, cake decorating, knitting, quilting, jewelry-making and photography.
It has its own production studio and supplies its network with branded content.
“There’s also great on-air potential in Craftsy’s future. We have the ability to develop its growing roster of experts, by featuring them in long and short-form entertainment content that can live in linear as well as digital spaces,” Hammer said. “As Craftsy expands its own entertainment content, it can benefit from access to NBCUniversal’s lineup of talent and properties. Imagine synergies with shows like Bravo’s Top Chef and Syfy’s Face Off, and opportunities to develop creative new content for kids on Sprout."
Dave Howe, head of strategy and commercial growth for the cable unit, will have executive oversight of Craftsy when the deal closes, Hammer said. CEO and cofounder John Levisay will report to Howe and continue to manage their 190 employees in their home cities of Denver and Indianapolis.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.