Detroit-based Gas Station TV (GSTV) has done a deal that sees it take over the assets and operations of Verifone’s Pump Media division, in a 50:50 joint venture led by private equity guys.
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, says a press release.
On par with other major media brands, the new GSTV will provide marketers with significant reach to a mass audience of 75 million unique viewers every month, including one-in-three adults 18 years and older and nearly 31 million millennials in the United States. National and regional marketers across all industry sectors now have a simple and effective way to reach valuable, highly attentive consumers in an increasingly fragmented media environment.
“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.”
Leading third party analytics partners have repeatedly shown that campaigns on the GSTV platform deliver compelling ROI for top global brands. From double-digit increases in quick service restaurant visitation to millions of dollars in incremental consumer packaged goods sales, and significant increases in awareness and purchase intent, GSTV’s sophisticated data solutions align with advertiser demand for transparency and accountability in their media budgets.
“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.”
Additional Joint Venture Highlights:
- 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 the existing GSTV and Verifone Pump Media management teams will lead the new joint venture.
- Both companies will have equal representation on the new company’s Board of Directors. GSTV is owned by
- Rockbridge Growth Equity and Falcon Investment Advisors.
- Sullivan & Cromwell served as legal counsel for Verifone.
- Honigman Miller Schwartz and Cohn LLP served as legal counsel for GSTV.
- Peter J. Solomon Company acted as a strategic advisor on the deal and Stephens Inc. arranged the financing.
- Financial terms of the joint venture were not disclosed.
GSTV runs at gas retailers like Speedway, Circle K, Tesoro, Sunoco, BP, Chevron, Conoco-Phillips, Gulf, Arco, Marathon, Exxon-Mobil, Shell and Murphy USA.
I’m not close enough to this to know, but it sure seems like Verifone – which is a payments company – is getting the hell out of digital out of home. It recently sold its c-store network to Stratacache. There’s this. And I am not totally sure where they are at with screens in taxis.