L.A. billionaire and former telecommunications mogul Gary Winnick has a new tech venture.
Winnick, who built his company Global Crossing Inc. into a $48 billion enterprise before it went bankrupt in 2002, has taken a majority stake in Qello, a spokesman confirmed Thursday. No details about the purchase price were disclosed. Reuters first reported transaction.
The livestreaming concert platform will keep its name and expand its streaming offerings, according to the Reuters report. Winnick said he planned to pitch Viacom and MGM Studios Inc. as possible content partners. Quello is a so-called over-the-top streaming provider such as Netflix Inc. or Hulu, meaning that it does not require users to have a traditional cable television subscription to access content.
Winnick declined to comment on the transaction and Qello did not immediately respond to a request for comment.
Deals & Dealmakers reporter Henry Meier can be reached at email@example.com. Follow him on Twitter @henry_meier.