Google to Acquire Online Video Site Next New Networks

Google wouldn’t be the media giant it is today if it didn’t dip its feet into every online market under the sun. Google moved into the online video sector when it bought YouTube (News - Alert) in 2006, but now, the search engine tycoon is in the final stages of an acquisition to take on another online video site, Next New Networks Inc.

The merger is rumored to go for tens of millions of dollars according to a Wall Street Journal report, and is set to be settled in the coming week.  Before the deal is made, Google (News - Alert) plans to seek personnel to help it obtain more professional content for YouTube.

Established in 2006, Next New Networks, is a slightly different video site than YouTube as it is more focused on web television shows and hosts a variety of different Web series based on food, politics and pop culture.  

Next New Networks develops its own web series as well as distributing episodes of other web based video creators. The company is home to television networks such as Barely Political, Channel Frederator and Fast Lane daily to name a few and provides YouTube content providers with over 5.7 million subscribers according to Wikipedia.

According to WSJ, the company has struggled with generating revenue based on advertising sales and has acquired one million dollars in debt financing.

Most recently, the FCC chose Google as one of its nine administrators for its Super WiFi (News - Alert) whitespace project. Google has been backing the use of the spectrum between the frequencies used for television broadcasts as a way to deliver affordable high-speed wireless broadband, an interest reflected in related initiatives like the Google Fiber project. So it only made sense for Google to be one of the nine companies that the FCC (News - Alert) chose to be an administrator.

Google has also been in talks with Mountain View regarding its coupon site “Google Offers.” Google Offers will have a similar look and feel as Groupon. Members will receive and e-mail daily with local deals and then have a time constraint in which the deal is good for.

Stefanie Mosca is a Web editor for TMCnet. Previously she worked as a freelance copy editor for Digital Surgeons LLC. She holds a master's degree in journalism from Quinnipiac University and a bachelor's degree in communication from the University of New Haven. To read more of her articles, please visit her columnist page.

Edited by Stefanie Mosca