6th Jan 2020 09:19
(Alliance News) - Tremor International Ltd on Monday said it has acquired video ad platform Unruly from media company News Corp.
The company said it will issue 6.9% of Tremor's issued voting share capital to buy Unruly.
The video advertising firm has also entered into a partnership agreement with Rupert Murdoch's company, granting Tremor exclusive rights to sell outstream video on more than 50 News Corp titles in the UK, US and Australia. Tremor has committed to an ad spend of GBP30 million with News Corp over a three-year period.
News Corp has agreed to contribute cash towards the cost of integrating Unruly with the Tremor.
Tremor anticipates that the agreement to significantly extend its international footprint to the tune of an additional 1.2 billion users monthly.
Chief Executive of Tremor Ofer Druker commented: "This transaction is another important milestone in Tremor's transformation into a leading video advertising business. Our new strategic alliance with News Corp will provide Tremor access to globally recognised media brands, in a partnership we believe to be mutually beneficial for both companies."
"This transaction delivers a number of commercial opportunities for the company and is a significant endorsement of Tremor as a business", he added.
Unruly Chief Executive Norman Johnston will be joining the board of Tremor as will News UK Chief Executive Rebekah Brooks who will be joining as a non-executive director.
In a separate statement, Tremor said earnings before interest, taxes, depreciation and amortisation for the 2019 will be in line with expectations. It estimates net cash of around USD75 million at year-end.
Tremor shares were trading 3.8% higher at 176.50 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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