Wyatt Media Group

RNS Number : 3306I

CLS Holdings PLC

13 June 2011

 



CLS Holdings plc

("CLS", the "Company" or the "Group")

Wyatt Media Group and Nyheter 24 Group join forces

CLS announces that its former wholly owned subsidiary, Wyatt Media Group ("Wyatt"), has joined forces with Nyheter 24 Group ("News24"), a successful Swedish on-line news media company.  CLS now holds a 20 per cent shareholding in the new combined group News24 and a five year SEK 10 million convertible loan note which can be converted into a further 10 per cent share or cash at the election of CLS.

Douglas Roos, Executive Chairman and Co-Founder of Nyheter 24, comments:

"The numbers of unique visitors to the Wyatt sites are at record levels!  There are now evident synergies and no advertiser can ignore us in order to reach the target audience of 15-39 year olds."

Sten Mortstedt, Executive Chairman of CLS, comments:

"We are delighted to have completed this transaction, which creates Sweden's biggest digital media house.  The target audience is 15-39 year olds and the sites currently have close to 4.5 million unique visitors per week.  The media house will be further developed and will be led by a very successful and experienced management team."

-ends-

For further information please contact:

CLS Holdings plc                                                                                              [phone]

www.clsholdings.com                                                                                  

Sten Mortstedt, Executive Chairman                                                      

Henry Klotz, Executive Vice Chairman

Richard Tice, Chief Executive Officer

News 24

http://nyheter24gruppen.se  

Patrik Sandberg, Managing Director & Co-Founder                         [phone]

Douglas Roos, Executive Chairman & Co-Founder                           [phone]

 

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