SonicBox Changes Name, Hires New CEO
Sonicbox announced that it has hired a new CEO, Scott Smith, and made some strategic deals with manufacturing companies to use its Internet radio services. The company also officially changed its name to iM Networks Inc. (www.imnetworks.com).
Smith comes from a financial background and was CEO for GoMo Technologies. He founded Neveric LLC, a financial services company focused on high-growth, venture-stage companies. He was also co-head of the technology group and managing director at investment bank, Credit Suisse First Boston (CSFB). Co-founder Niko Bolas will assume the role of chairman.
"With his diversified experience in digital media, technology and entertainment, paired with his keen business sense, Scott brings invaluable experience to Sonicbox," said chairman Niko Bolas in a statement. "As Sonicbox continues to diversify with OEM, re-branding, and distribution deals, the growth of the iM Band is imperative. Scott understands the landscape of the market, and what is necessary for Sonicbox to bring the iM Band experience to the forefront of Internet radio."
During the Consumer Electronics Show (CES) in Las Vegas, iM Networks announced a licensing deal with consumer giant Philips, which will use the iM service on its new FW-i1000 Internet Audio Mini System. iM Networks is looking to push "iM" band (that is, Internet radio) alongside AM and FM.
"By seamlessly integrating iM Tuning into an easy-to-use consumer electronics product manufactured by Philips, we're fulfilling a major step of our founding vision," said David Frerichs, iM Networks' co-founder and VP of Products. "The FW-i1000 creates an entire new market by giving consumers access to radio from around the world. Our corporate name change reflects what has always been our core business, adding value to leading CE manufacturers by providing iM Tuning technology and 'Best of Planet' programming on the iM Band."
iM Networks also announced a licensing deal on Monday with SESAC, aperforming rights organization, to give it access to SESAC songs. Financial details of the deal were not released.