Calif. – EQAL, the digital
production firm that created "Lonelygirl15," has bought out investor
Spark Capital just two years after receiving a $5 million investment from the
firm, NewTeeVee reported.
The funds to buy EQAL out came from the company’s
management team; previous angel backers such as Ron Conway; and new investors
Scott and Cyan Bannister.
Calif.-based EQAL told NewTeeVee the company has shifted focus from a Web
production studio, to a hosted platform that other producers may use to
distribute Web series.
"It was always in our minds to build up the
audience as a way of building out our technology product. From there we
believed we would be able to take our infrastructure and make it avail to other
content creators," EQAL co-founder and CEO Miles Beckett told NewTeeVee.
(DMW previous coverage)