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Global Crossing Purchases Video Solution Provider Genesis Networks

Global Crossing (Nasdaq: GLBC) has acquired global video services provider Genesis Networks, a firm specializing in media and video-based solutions.

Global Crossing paid out a total of nearly $27 million, including $15 million in connection with the repayment of existing debt.

“The proliferation of HD and 3-D video will soon outstrip the capacities of legacy technologies, making media-centric global fiber optic networks like ours the most viable option for broadcasters, producers and distributors, ” Global Crossing CEO John Legere said.  “By acquiring Genesis Networks, Global Crossing takes an ambitious step towards providing new and differentiated value-added solutions to address specialized video requirements across multiple industries.”

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