By Sahil Patel
Video discovery startup Shelby.TV has confirmed its acquisition by Samsung.
In a blog post, the Shelby.TV team said it will continue to develop technology to meet the challenges around helping consumers find the content that they want to watch. “Working with Samsung Electronics means we’ll have the resources to start fresh, building products that change the way we watch and discover our favorite content, now and long into the future.”
As for what this means for Shelby.TV the product, it’s not long for this world. “Shelby will remain an independent entity and will retain its business, products, and customers, but will begin winding down its operations,” the team said. The service will go dark on July 1.
A tool will be offered to customers who want to export videos they have favorited or shared on the service.
Financial terms of the deal were not disclosed. The NY-based startup had raised $3.9 million from Avalon Ventures and numerous angels.