Vid-Biz: Funny or Die, Cisco, Veveo

Funny or Die Hires Creative Director; Andrew Steele, formerly of Saturday Night Live, will oversee development and production on the comedy site for investor HBO. (Variety)

Cisco Providing Infrastructure for Olympics; NBC will use Cisco to encode hundreds of hours of video for quick editing and delivery onto TV, PC, and smartphones. (release)

Verizon Extends Relationship with Veveo; video search solution will continue to be used for FiOS TV customers, who have made some 170 million searches on the program so far. (release)

Integra5 Announces SMS-to-TV Chat; new multi-platform product called MediaFriends to be available early next year. (release)

Hulu Is the New Rerun; so said News Corp COO Peter Chernin on the company’s earnings call. But profit margins are better for new media efforts than for DVD rentals. (Marketwatch)