DETROIT -- Gas Station TV (GSTV), a leading video network at the gasoline pump, and Verifone, a leader in payments and commerce solutions, have joined in a venture that combines the assets and operations of Verifone’s Pump Media division with GSTV. The combined business will operate under the GSTV brand and deliver 3.3 billion annual impressions through more than 18,000 locations in all 50 states by year’s end.
The new GSTV will provide marketers with significant reach to a mass audience of 75 million unique viewers every month, including 1 in 3 adults 18 years old and older and nearly 31 million millennials in the United States. National and regional marketers across all industry sectors now have a new way to reach consumers in an increasingly fragmented media environment.
The company will be located at the current GSTV headquarters in Detroit along with offices in New York and Los Angeles and other key business centers. Members of both of the existing GSTV and Verifone Pump Media management teams will lead the new joint venture and both companies will have equal representation on the new company’s board of directors. Peter J. Solomon Co. acted as a strategic adviser on the deal, and Stephens Inc. arranged the financing. Financial terms of the joint venture were not disclosed.
“We celebrate a milestone today as we formally join two leading media organizations in a powerful partnership,” said Joe Mach, president of Verifone North America. “Under the GSTV umbrella and with Verifone’s influential backing, we will draw on our collective partnerships and experiences to strategically accelerate growth, push the boundaries of technology, and deliver the proven effectiveness of video at the pump.”
“Our new joint venture with Verifone is a game changer for the industry,” said David Leider, president and CEO of the new GSTV. “The scale of GSTV’s monthly unique viewership will compete with the largest cable networks and digital out-of-home platforms, reaching verified consumers when and where they are most receptive to real-time marketing messages. We are making it even easier for ad agencies to embrace gas video media, which provides unrivaled effectiveness in helping brands reach their business goals.”
Detroit-based Gas Station TV is owned by Rockbridge Growth Equity and Falcon Investment Advisors. It is one of the largest national video networks reaching active consumers. Viewers are offered a range of segments, including sports from ESPN; news and entertainment from CNN’s Headline News, Buzz Today and Fusion Now; business and personal finance reports from Bloomberg TV; weather updates from AccuWeather; trending topics from What’s Trending and The List; and all things tech from CNET. GSTV can be viewed throughout the country at leading gas retailers, including Speedway, Circle K, Tesoro, Sunoco, BP, Chevron, Conoco-Phillips, Gulf, Arco, Marathon, Exxon-Mobil, Shell and Murphy USA. Honigman Miller Schwartz and Cohn LLP served as legal counsel for GSTV.
San Jose, Calif.-based Verifone provides technology for electronic-payment transactions and value-added services at the point of sale. The company has clients and partners in more than 150 countries, including retail brands, financial institutions and payment providers. Sullivan & Cromwell served as legal counsel for Verifone.