After nearly three and a half years of serving the TV industry with a commercial supply-side platform and private marketplace offering stations, agencies and brands a programmatic approach to buying and selling broadcast television inventory at scale, Cox Enterprises — which is mourning the loss of its 100-year-old matriarch — is shutting Videa down at the end of the first quarter.
It’s a surprising move for Cox, which has invested considerably in Videa and used the recent NATPE Miami conference as a platform for what was to be its reboot.
In a statement provided to RBR+TVBR by Cox Enterprises, the company confirmed that it has made “the difficult decision” to close Videa on March 31.
“Over the years, the company made significant progress in the programmatic television space, but it is no longer sustainable to continue operations. We thank our extraordinary employees for their hard work and will continue to provide resources to help them through this transition.”
Among those already in the process of a career “transition” is Videa VP/Business Development and Strategy Brett Adamczyk, who spoke with RBR+TVBR at NATPE Miami. Adamczyk participated in a lengthy discussion, confirming that Videa had not been spun into the new Cox Media Group controlled by Apollo Global Management.
This seemingly provided a new lease on life for the provider of a live, supply-side marketplace for broadcast TV station inventory.
Launched in January 2014 under President Shereta Williams (pictured), Videa debuted its commercial supply-side platform in September 2016. Its first order for full schedule, forward reserve inventory for programmatic TV advertising with top media agency Carat came three months later.
Thanks to relationships with Mediaocean, Freewheel and Hudson MX, Videa saw formidable success across the next three years under CMG leadership. But, Adamczyk said in January 2020, there was a big sticking point with some potential clients: CMG.
That obstacle was removed with the Apollo spin of Cox Media Group. Adamczyk and his colleagues had a much stronger argument for partnerships.
“Where we struggled in the marketplace was because CMG owned Cox Reps and TV stations,” Adamczyk told RBR+TVBR less than two weeks ago, in Miami. “To go out with this type of solution with the platform provided, and digital insights but have that tie to Cox Media Group … it was viewed as a potential competitive threat. There were clients that were always skeptical of the ownership structure.”
Now, it appears that skepticism was too large of an obstacle to overcome.
As of Monday morning (2/3), the total number of those impacted by Videa’s March 31 shut down was not known. However, it is believed that Videa’s employee roster totals 89, with 77 in Atlanta and another 7 in New York.
Among those that could also be losing their jobs is Videa Senior Director of Marketing Andrea Moe, Customer Success Manager Elizabeth McClintock, SVP of Operations and Finance Brad Smith and VP/Operations Brian Davis.
Davis has been with Cox Media since November 2004.
Williams, Adamczyk and Smith “have made no decisions related to leaving the company,” a source close to the matter tells RBR+TVBR.
The news regarding Videa’s closure comes as Cox Enterprises mourns the loss of Anne Cox Chambers, daughter of company founder Gov. James M. Cox of Ohio.
Chambers died peacefully at her home on Jan. 31, at the age of 100. She celebrated her big birthday on Dec. 1.
