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22 HARTFORDBUSINESS.COM | APRIL 25, 2022 Brendan Canning (left) and Anthony Bailey are the co-founders of Cheshire-based Triple-B Media. HBJ PHOTO | STEVE LASCHEVER Niche Market Former ESPN execs launch Cheshire startup in fast-growing free, ad-supported TV industry By Robert Storace rstorace@hartfordbusiness.com T raditional cable companies have been under intense pressure in recent years from various new types of competitors, including subscription- based streaming services like Netflix and Disney+, which have contributed to a cord-cutting trend. There's another growing niche that former ESPN executives Brendan Canning and Anthony Bailey see as a major opportunity, spurring them to strike out on their own and launch a startup. They are the co-founders of Cheshire-based Triple-B Media, a TV and digital media company that specializes in launching free, advertising-supported streaming television channels. By 2023, the free, ad-supported television space — also known as FAST — is projected to be a $4.1 billion industry with 216 million monthly active users, according to nScreenMedia, and there's growing competition in the sector, with traditional mass media companies and others launching their own networks. Well-known FAST services include Tubi, the Roku Channel and Pluto TV, which Viacom — now Paramount — purchased several years ago for $340 million. From a quiet, unremarkable office park on Highland Avenue in Cheshire, the less-than-year-old Triple-B Media already manages, owns and operates seven 24/7 channels, primarily sports and single-genre categories, such as Fido TV, a channel focused solely on dogs, and boxing and billiards channels. Canning and Bailey say they have ambitious plans to dive more deeply into the FAST industry, including doubling the number of channels they operate in the next few years. In coming months they plan to launch jai alai, cooking and Broadway channels. They also want to go global and are working with distributors in Sweden, India, Australia and the Netherlands to expand their footprint and viewing audience. With cable TV subscriptions dwindling fast in the past few years (major cable and satellite providers lost about 4.7 million subscribers in 2021, according to the Leichtman Research Group Inc.), Canning said the time is ripe to fill the void, and he thinks Triple-B Media can compete in the space by offering exclusive niche content. "Our goal with Triple-B is to build a strong portfolio of channels that fans want to watch on a daily basis," Canning said. "With that singular focus in mind, we believe we can create long-term value for the company, our employees and partners. The bottom line is that we're having fun building Triple-B into something great. We'll see where it takes us." ESPN connections Canning worked at Bristol's ESPN from 2000 to 2012, serving as an affiliate in the sales and marketing departments, in charge of negotiating license agreements with cable and direct broadcast satellite operators throughout the country. Canning said he left ESPN in search of new challenges and took several jobs before co-founding Triple-B Media, including at Chicago- based digital television and internet sports network Stadium, where he led TV and digital distribution strategy and deal-making. Bailey worked at ESPN for 18 years, from 1996 to 2014, and held the title of vice president of emerging technology, where he oversaw a group of more than 150 employees and an annual budget of $100 million. Both became friends while working at ESPN, they said. They formed Triple-B Media in May 2021 and now have 16 employees, including a mix of editors, schedulers, programmers and sales reps. So far, they've bootstrapped the operation and have not taken outside investment, they said. The company doesn't produce content, it manages the channels it operates. It partners with content producers by forming joint ventures or revenue-sharing agreements. The audience can watch the content on about a dozen free streaming platforms, including Roku TV, Samsung TV Plus and Xumo, which is owned by Comcast. Canning said there are probably close to 80 million to 100 million Free ad-supported streaming TV service providers Pluto TV The Roku Channel Tubi TV Xumo from Comcast Source: Seeking Alpha