has acquired global video services provider Genesis Networks
, an innovator in high-performance, rich-media and video-based solutions serving the world's major broadcasters, producers and aggregators of specialized programming. Global Crossing paid aggregate consideration of approximately $27 million, including $15 million in connection with the repayment of existing debt.
The market for these services is growing. Industry research firm Infonetics Research forecasts that worldwide revenue for video services, including IPTV, cable video and satellite video services, will top $250 billion in 2014. And, according to the Visual Networking Index, an industry benchmark report produced by Cisco, 3D and HD Internet video will comprise 46 percent of consumer Internet video traffic by 2014.