SeaChange monetizes Layer3 TV investment

ACTON, Mass. — Video solutions innovator SeaChange International Inc. (NASDAQ:SEAC) today announced that, in conjunction with the acquisition of Layer3 TV by T-Mobile, it had monetized its ownership stake in Layer3 TV Inc. The initial payment of approximately $4.6 million has been received by the Company, with an additional payment of approximately $2.1 million being held in escrow, subject to the satisfaction of the escrow provisions.

“We are very pleased that we have realized a significant return on our investment in Layer3 TV. The proceeds from this investment will further strengthen our cash position and balance sheet and provide additional support for our efforts to continue to improve SeaChange’s financial performance,” said Ed Terino, SeaChange CEO.