PSM agrees to enter joint venture

RNS Number : 4340W

Parallel Media Group PLC

31 January 2012

 

31.01.12

Parallel Media Group PLC

("PMG" or the "Company")

PSM agrees to enter joint venture with Froggies Media SARL

PMG, the AIM quoted sports marketing and media group, is pleased to announce that Parallel Smart Media (PSM), which is 50% owned by PMG, has signed binding heads of agreement to enter into a 50/50 joint venture with Froggies Media SARL, a branding and production company based in Paris, led by Tim Newman. The new company, Froggies Smart Media, will be able to take advantage of Froggies Media's established connections within the French and European markets.

Froggies Smart Media will utilise PSM's smart media platforms (www.parallelmediagroup.com/parallel-smart-media/), which provide a step-change in the way that sports, entertainment and lifestyle media can be delivered. Initially it will target existing clients - which include renowned brands such as Dom Perignon and Louis Vuitton in France.

Tim Newman was the CEO of NBDC, which produced TV programmes such as Rapido (BBC) and Passengers (Channel 4). After the success of Rapido, he created Rapido TV with the partners of NBDC and Richard Branson (50% NDBC, 50% Virgin), which produced a number of programmes including the cult show "Eurotrash" (Channel 4).

 Commenting on the new joint venture, Tim Newman says:  

"I have been involved in the world of TV for 25 years. Froggies Smart Media offers opportunities which enable clients to literally create their own TV stations. The potential for this business is enormous."

 David Ciclitira, Chairman of PMG, comments: 

"We are delighted to be working with Tim on this new joint venture. This new development certainly cements our vision for the business and we look forward to growing it further."

-End-

For further information, please contact:

Parallel Media Group plc                                                                                                      020 7225 2000

David Ciclitira

Northland Capital Partners Limited                                                                                 020 7796 8800

Luke Cairns, Edward Hutton

Novus Capital Markets Limited                                                                                          020 7107 1881

Nicholas Lee

Bishopsgate Communications                                                                                            020 7562 3350

Deepali Schneider, Natalie Quinn

[e-mail]

 

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