30th May 2014 09:19
LONDON (Alliance News) - Broadcasting company Cellcast PLC Friday said its subsidiary Cellcast UK Ltd has entered into a new joint venture by investing GBP1 million for a 49% stake in Euro TV.
The remaining 51% shareholding is held by its joint venture partner, staffing firm the Atlas Group of Companies Ltd, which Cellcast said is also investing a further GBP1 million in Euro TV.
Atlas Group of Companies also holds an 11.15% stake in Cellcast.
"Euro TV will use the proceeds of the investments for further product and service development and subsequently to acquire broadcast airtime and purchase internet and mobile traffic, as well as for general working capital purposes," Cellcast said in a statement.
Euro TV is also focused on the development of a multi-platform gaming business.
Cellcast Chief Executive Officer Andrew Wilson and Finance Director Emmanuelle Guicharnaud will join the board of Euro TV.
Cellcast also said Chief Operating Officer Bertrand Folliet has stepped down with immediate effect, although he will remain on the board as a non-executive director.
Cellcast shares were down 3.5% Friday morning, trading at 0.700 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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