07.30.2009 04:35 AM
Media Sales Firm Secures $17 Million Investment
SCOTTSDALE, ARIZ.: Cross MediaWorks, a media sales and advertising firm in suburban Phoenix, has secured $17 million from two investors. Chantilly, Va., BIA Digital Partners invested $13 million, and Spring Capital Partners of Baltimore and Radnor, Pa., put in $4 million. Cross will use the money to refinance existing debt and otherwise to run the company.
Previous investors include New York’s Clarion Capital Partners, LLC, a principal investor that partnered with Marc Krigsman and Larry Rubin to build the CMW. Scott Chappell, a principal of BIA, will become an observer to the CMW board of directors.
CMW comprises five brands: Affiliated Media Group, Apex Media, Hispanic MediaWorks, TelAmerica Media, and WizeBuys TV. It provides media sales and advertising services to broadcast, cable and satellite as well as video-on-demand and online platforms. Future plans include mobile platforms.