12th May 2023 10:09
(Alliance News) - Blackbird PLC on Friday said that A&E Television Networks have given notice to terminate its contract with the company at the end of June.
Blackbird is a technology licensor, developer and seller of a cloud native video editing platform.
Blackbird's shares fell by 26% to 7.37 pence each on Friday morning in London.
The company said that the contract with A&E Television Network accounted for less than 10% of Blackbird's overall revenues.
Chief Executive Officer Ian McDonough said "Whilst we are disappointed to have received this notification from A&E Television Networks, the Americas remain a core focus for our Media and Entertainment business, and we are following up on the significant interest generated at last month's NAB industry trade show in America.
"The company remains well funded with about GBP9 million in cash and, alongside our core business, an exciting opportunity with Blackbird SaaS within the growing creator space."
By Will Neill, Alliance News reporter
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