Michael Eisner, former chairman and CEO of The Walt Disney Company, announced that he is joining the board of Veoh Networks Inc. after the company completed a series B venture capital financing round of $12.5 million.

Veoh Networks delivers broadcast-quality entertainment and informational content via the internet for both long- and short-form programming.

Eisner's new company, The Tornante Company, joins other investors Spark Capital, Time Warner Inc. and Shelter Capital Partners in the financing. The amount Eisner invested was not disclosed.

"Cable and satellite fundamentally changed the way television was distributed by creating the capacity for greater choice in programming. Veoh revolutionizes television again by leveraging the internet to expand broadcast capacity to the point that every single user, whether an individual or a media company, can create their own channel and every channel can be supported by its own business model," says Eisner.

Last week, Eisner's former employer, Disney, announced that they are planning to make many of its TV shows from ABC and its other channels free on the internet.