Web Companies GrindTV, Sportnet Merge

GrindTV and Sportnet, two Web content companies focused on the action sports world, have agreed to a merger.

Terms were not disclosed for the deal, though the media consulting firm Wasserman Media Group (which originally launched Sportnet)  and venture capital firm SoftBank (which funded GrindTV’s launch) will remain as majority shareholders. The company will operate under the Sportnet name going forward, though it will be led by GrindTV co-founders Erik Hawkins (CEO) and COO Greg Morrow (COO) and will operate from GrindTV’s El Segundo, Calif. offices.

GrindTV.com was launched in 2005 as an outlet for sports fans of the X Games variety such as Skateboarding and Motocross. The site joined forces with Yahoo roughly a year ago to create a co-branded channel on Yahoo Sports.

Meanwhile, the two year old Sportnet was founded as an ad network specializing in sites aimed at similar sports fans. Included in the network are niche sites such as WannaSurf.com  and Girlsofmotocross.com.

Officials at the newly combined company claim that Sportnet will now be able to reach 10 million unique users per month. The company also has content distribution deals with Hulu, Comcast, MSN and Google.