Diagonal View, owned jointly by ITN and founder Matt Heiman, generates more than 30 million video plays across the UK and the US each month using footage from ITN Source, ITN's online video production unit.
In his new role, Cole will responsible for developing Diagonal View's revenues and opening up new business in the advertising and media sectors.
The business is piloting production of advertiser-funded channels and undergoing an aggressive uptake in new distribution partners.
Cole previously worked for ITV Commercial where he was online sales director, primarily responsible for maximising advertising revenues on ITV.com, Friends Reunited and Project Kangaroo.
Before this, he was in charge of digital revenues at the Telegraph Media Group. He was also chairman of the Association of Online Publishers' commercial working group.
Cole left the embattled broadcaster in March as part of its wide-ranging cost-cutting and redundancy process. ITV brand partnership director Gary Knight took charge of the broadcaster's online advertising.
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