OAK Investment Partners Leads $70 Million Venture Capital Investment in MobiTV

First Close in Series C Financing Fuels Expansion to Satisfy Overwhelming Global Demand for the MobiTV Service

MobiTV, Inc. the global leader in television and digital radio services for cellular, WiFi and broadband-enabled devices, recently announced the successful first close of the company’s Series C financing. The $70 million investment led by Oak Investment Partners will fuel the Company’s rapid expansion in response to the vast demand for its mobile television and radio service across international markets. Oak Investment Partners’ Bandel Carano will join MobiTV’s board of directors as part of this investment.

MobiTV’s products already reach more than one million paying subscribers across the globe that can now watch top news, sports, entertainment and music videos on their mobile devices. The Company recently expanded its product line to deliver the MobiTV service to personal computers across WiFi and other broadband networks and announced the commercial availability of the MobiTV service in Latin America.

“We have taken tremendous strides to develop this rapidly emerging market across three continents over the last few years,” said Phillip Alvelda, CEO, chairman and co-founder, MobiTV. “These rather substantial funds will help us capitalize on MobiTV’s head start and position as the premiere brand in mobile television. We plan to use these funds to provide even more television content on more devices, across more networks, and in more countries around the world.”

“MobiTV has a unique position in the mobile television market, serving as the leading content aggregator, delivery system and technology expert for carriers,” said Bandel Carano, Managing Partner, Oak Investment Partners. “This investment underscores our belief in the future of media delivery through handheld devices and PCs, and MobiTV is at the center of this change in both media delivery and consumer behavior.”