Ampex Launches European Expansion of Internet Video Network

In a move expanding its growing Internet video network internationally, Ampex Corp. (Redwood City, CA) has signed a letter of intent to acquire a minority interest in TV1 Internet Television (Munich, Germany).

Internet Television is one of Germany's largest webcasters and a popular European Internet video site. Under the agreement, Ampex has the option to further increase its ownership in TV1 Internet Television. Ampex also announced that it will be constructing its own European Internet video production and distribution facility in Berlin, which will be shared with TV1.

Ampex intends to construct an Internet video production and distribution facility in Berlin, Germany. As part of the agreement TV1 can acquire a minority interest in the new facility and locate its Berlin operation there. Ampex has also established its own Internet video production and distribution facilities in Los Angeles, which are shared with AENTV, and is constructing an Internet video production center in New York City from which it will launch new programming in the fall. The company is engaged in discussions to add additional Internet video production and distribution operations in major US and overseas cities through strategic investments, acquisitions, and internal development projects.

In May, Ampex took a majority interest in TV on the Web, a Manhattan-based company that also specializes in producing video content for the Internet.