Zoom Media Snags $30 Million In Funding

Amid economic turmoil, there's some good news in the digital out-of-home video marketplace. Zoom Media & Marketing said it raised $30 million with the sale of a minority stake to ABS Capital Partners.
According to Zoom Chairman and CEO François de Gaspé Beaubien, the company will use the money to continue rolling out digital displays across its network of fitness and nightlife venues. Zoom also plans to acquire enterprises to bolster its presence in certain key categories. To date, Zoom's digital network includes more than 2,500 venues around the U.S. and Canada--covering the top 90 U.S. DMAs, along with regular poster and billboard advertising in over 8,000 venues. Looking to the future, Zoom President Dennis Roche said the company would be "a key consolidator in the digital OOH industry," forecasting more "acquisitions and build outs over the next 18 months."