Perhaps looking to get a quick hit of cash before the onslaught of competing services gets into full swing, MobiTV has announced a deal with Oak Investment Partners, a venture capital firm, to provide $70 million in exchange for a board seat. No word on what kind of spending spree will ensue, but MobiTV's saying that the cash will "fuel the Company's rapid expansion in response to the overwhelming demand for its mobile television and radio service across international markets." To their credit, the numbers show that these guys are growing pretty rapidly, clocking over a million total subscribers at latest count -- not bad for a company whose domestic carrier partners have launched at least partially competitive services. Having sampled MobiRadio, though, we'll say this much: we hope a few bucks of that VC cash goes toward offering higher-bitrate streams.

[Via BusinessWeek]

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MobiTV hits the VC jackpot, lands $70 million