JumpTV, a supplier of live television over the Internet, announced that it has agreed to acquire Cycling TV, based in London, England, for a total of £2.44 million, which includes £1.09 million in cash payable on closing, and £1.34 million in common stock, which will be issued on 28 September 2007. Application to the AIM Market of the London Stock Exchange will be made in due course. The transaction is expected to close this week.
CyclingTV has around 18,000 subscribers, who buy an annual subscription for approximately £19. JumpTV’s paying monthly/annual subscribers now totals 72,000 subscribers. “We believe that when added to JumpTVSports (160+ properties) and JumpTV International (300+ properties), CyclingTV will contribute to the value proposition we are affording global advertisers,” said CEO G Scott Paterson, “CyclingTV also enhances our base of human resources and focus in the United Kingdom which is our 3rd largest market opportunity.”
