Detroit’s Gas Station TV and Verifone Announce Joint Venture
GSTV allows advertisers to capitalize on the time it takes for consumers to pump gas.
Photo Courtesy: GSTV
Gas Station TV (GSTV) in Detroit, the video network that airs news coverage and other content at gas pumps, and Verifone, a global payment and commerce solutions provider, today announced a 50-50 joint venture that combines Verifone’s pump media division with GSTV.
The combined business will operate under the GSTV brand, which is owned by Detroit-based Rockbridge Growth Equity and Falcon Investment Advisors. The partnership is expected to deliver 3.3 billion annual impressions through more than 18,000 locations nationwide by 2018.
“Our new joint venture with Verifone is a game-changer for the industry,” says David Leider, president and CEO of the new GSTV. “The scale of GSTV's monthly unique viewership will compete with the largest cable networks and digital out-of-home platforms, reaching verified consumers when and where they are most receptive to real-time marketing messages. We are making it even easier for ad agencies to embrace gas video media, which provides unrivaled effectiveness in helping brands reach their business goals.”
The new GSTV will provide marketers with access to an audience of 75 million unique viewers every month, including one in three adults and nearly 31 million millennials nationwide, Leider says. The company will be located at the current GSTV headquarters along the lower Woodward corridor in Detroit, along with offices in New York, Los Angeles, and other markets. Members of both companies will lead the joint venture, and both enterprises will have an equal representation on the new company’s board of directors.
Sullivan and Cromwell in New York served as legal counsel for Verifone, and Honigman Miller in Detroit represented GSTV. Financial terms of the deal were not disclosed.