ONTrack Media & Entertainment Inc. is pleased to announce that it has combined the assets of TelePhoto, the ONTrack Network and ONTrack365 to become North America’s leader in horse racing as a premier multinational, multimedia sports and entertainment company
. This acquisition was part of a court ordered and managed receivership process of TelePhoto Technologies Inc. and includes the purchase of customer contracts, intellectual property, television production equipment, network operations infrastructure, and other assets.
“While TelePhoto has posted modest growth in its operations over the past few years despite the challenges in the horse racing industry, an unwieldy capital structure necessitated the restructuring,” said Drew McDougall, CEO of TelePhoto. Mr. McDougall will step down as CEO and not take on an officer role in the new entity but will act as a strategic advisor and Director of ONTrack.
Geoff Horton, the new President of ONTrack, said, “This restructuring will allow the company to better exploit the strategic vision that Drew and his team created during his time at Telephoto. We are grateful for his stewardship during the transition and his prior seven plus years of service and glad for his ongoing involvement with the business.”
Newly promoted Chief Operating Officer, Lana Taylor noted, “We are excited about the prospects going forward, especially in the Media division as we continue to grow advertising revenues over the ONTrack Network and share them with our track members.”
Further, she stated, “We look forward to helping the racing industry, as we have over the past 60 years, by giving customers more choice, better value and new and innovative products, especially in the area of content distribution. I will be working closely with my team including our Director of Entertainment, Cathy Scowcroft to ensure that there is a seamless transition of track regulatory services from the federal to the respective provincial jurisdictions.”
Over the next several weeks, ONTrack will be working diligently to ensure that all customers understand it is business as usual. Customer contact information, services packages, pricing, and billing practices will be honoured and remain unchanged.
About ONTrack Media & Entertainment Inc.
Headquartered in Mississauga, Ontario, ONTrack, North America’s leader in horse racing, is a leading multinational, multimedia sports and entertainment company featuring a portfolio of racing assets, including the ONTrack Network, TelePhoto, and ONTrack365. For additional information, please visit: www.ontrackme.com.
(ONTrack Media & Entertainment)