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Ooyala management buys back company from Telstra

Ooyala Inc.'s management completed its buyout of California-based video technology company from Telstra Corp. Ltd.

Terms of the deal were not disclosed.

The Australian telco wrote down its $500 million investment in the video streaming business to zero earlier this year, according to the Australian Financial Review. Telstra bought Ooyala in a pair of transactions in 2012 and 2014.

"We will continue to invest in Ooyala Flex Media Platform to increase our market-leading position in video streaming and media logistics," Ooyala CEO Jonathan Huberman said in an Oct. 15 statement. "In addition, leveraging our resources and in partnership with private equity investors, we are actively exploring acquisition opportunities to further accelerate Ooyala's growth."