Cisneros acquires ItClickVideo stake

The digital arm of the Cisneros Group, owner of Venezuelan network Venevision, has taken a 50% stake in Latin American video network ItClickVideo.

Miami-based Cisneros Interactive has bought into the service, which was founded in 2014 by Lucas Jinkis and Diego Waciarz and offers digital publishers a VoD platform with original content about fashion, food, travel, lifestyle, sports, music and entertainment.

The company currently has deals with Microsoft/MSN, Yahoo!, Terra, Televisa, and a number of daily newspapers in the region. It also works with major brands in Latin America, developing digital content as content solutions for their marketing and communication needs. Financial details of the deal were not released.

“The arrival of Cisneros Interactive as a partner presents great opportunity for growth, increases our digital media content offering, and supports our expansion into new countries,” said Jinkis.

“For us, it was obvious the digital market was waiting for such an opportunity; on the one hand, the major publishers need video content to accompany their news and editorial, and on the other advertisers know the future of digital advertising is in video formats.”