Updated below: Online live music firm ControlRoom, which handled the big Live Earth series of concerts earlier this summer, has received investment from PE firm Intermedia. The NYC-based firm will use the money to expand its programming content beyond music and widen its distribution channels, it said. The PE firm is run by Leo Hindery, who previously ran the Yes Network, reports Reuters.

SEE ALSO: Network Live JV Dissolves; Production Team Tries Again With New Name, MSN

ControlRoom was founded by veteran concert producer Kevin Wall, in a previous incarnation as NetworkLive more than two years ago. That AOL/AEG/XM (NSDQ: XMSR) backed venture fizzled out a year later, and then morphed into MSN-backed ControlRoom. We have heard persistent rumors over this year about Wall leaving the firm, or losing interest in the venture, but looks like the company may have found a way out of the supposed morass, at least for now. Wall is no longer listed as the CEO of the venture on its website, and would not be surprised if he does leave.

Updated: The company officially clarifies: As part of the funding, Kevin Wall has signed a contract to serve as chairman and CEO of Control Room for three years. Also, MSN is not an investor, but a broadcast/webcast partner.

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