Rainbow Media Holdings Wednesday announced the sale of its video-on-demand services Lifeskool and Sportskool.
Lifeskool, which provides short-form lifestyle and entertainment programming, will be sold to entertainment and technology entrepreneurs Joe Covey and Matthew Davidge, who will operate the business using the network’s previous brand name, Mag Rack Entertainment, according to Rainbow executives.
Sportskool, which offers in-depth sports expert instruction and coaching for a wide range of sports and athletic activities, has been purchased by Grace Creek Media, a Washington, D.C.-based production, distribution and management company. Grace Creek Media will work with USA Today Live, the television production arm of the nation's top-selling newspaper, to develop Sportskool instructional videos.
Terms of the deal were not disclosed. Dan Ronayne, executive vice president and general manager of Rainbow’s on-demand properties, will remain with Rainbow, according to sources close to the company.
Rainbow’s move comes nearly a year after Rainbow laid off many of the combined 25 employees from the two services as part of an overall restructuring of Lifeskool and Sportskool
