Video Delivery Platform Provider Grid Networks Close To Being Acquired

Seattle based Grid Networks, best known for enabling content owners to get web videos on their TV through the Xbox 360 and PS3 is close to finalizing a deal to be acquired. While the company would not comment about any acquisition, multiple finance folks in the industry are already talking about the deal being completed in the next week or two.

While no one is discussing who they are being acquired by, sources say the purchasing company is based in NYC and focuses on the desktop video environment. If the deal gets finalized it will be interesting to see how Grid Networks was valued and whether or not it was a fire sale. From what I'm hearing though, Grid Networks is not out of cash and to date has only taken one round of funding for $9.5M in October of 2007.

Updated 4/16: Grid Networks has merged with Global Media Services.