Yoomedia PLC
04 April 2005
Embargoed until 07:00
4 April 2005
YooMedia plc ('YooMedia' or the 'Company')
YooMedia plc Acquires ViaVision Ltd
YooMedia plc, the UK's biggest independent interactive media company,
specialising in gaming, dating and the public sector, today announces the
acquisition of ViaVision Ltd ('ViaVision'), an independent broadcaster and
production company focused on the digital broadcast market.
YooMedia acquired 15 per cent of the issued share capital of ViaVision with the
acquisition of DITG in December 2004. The agreement is for the acquisition of
the balance of the issued share capital of ViaVision, currently held privately
by a number of shareholders. The shares have been purchased for a total
consideration of 8,500,000 ordinary shares of 1 pence each in the Company
('Ordinary Shares'). Of this total consideration 6,800,000 Ordinary Shares are
to be paid immediately, with the remaining 1,700,000 Ordinary Shares to be paid
as deferred consideration subject to the net current assets of ViaVision on
completion.
ViaVision manages five satellite television channels on the BSkyB platform, five
interactive television applications, four supporting websites and multiple
production projects. The company operates broadcast studios in the City of
London. Its range of entertainment and specialist TV channels includes Exchange
and Mart and Game-In.
Game-In TV, shortly to be rebranded as PokerZone TV, provides red-button gaming
to over 12,000 regular players, ranging from fixed-odds gaming formats to
traditional pub games and racing, on the Sky platform. A poker night featuring
documentaries and tournaments from around the world is broadcast every Monday,
Wednesday and Saturday.
The acquisition is expected to be immediately earnings-enhancing. ViaVision
reported a pre-tax loss of £331,000 on revenues of £1.3m in the year to 31
December 2004. Application has been made for 6,800,000 Ordinary Shares, which
will rank pari passu with the existing Ordinary Shares, to be admitted to
trading on AIM and it is expected that admission will occur on 8 April 2005.
Dr Michael Sinclair, chairman of YooMedia plc, said: 'This acquisition
consolidates our position in gaming and through Via Vision's work with Game-In
TV we gain crucial exposure to the poker market. It enables us to apply our
interactive media and mobile skills to poker, which is one of the fastest
growing content plays in our industry.'
For further information, please contact:
YooMedia Plc
David Docherty, chief executive 020 7462 0870
Powerscourt
John Murray 020 7236 5630
Kirsty Black 020 7236 5631
This information is provided by RNS
The company news service from the London Stock Exchange
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