Mergers and Acquistions News
Categories: Media & Information Services
November 21st 2008, 15:54PM
Adconion Media, an internet advertising firm, has acquired KTV Digital Media, a production studio and content distribution network, it has been revealed.
The deal, which was completed on Thursday, will see the purchasing firm use KTV's assets to form a new subsidiary - RedLever.
According to Adconion, its new arm will oversee the development of branded video entertainment created specially for advertisers.
The content will be distributed via the Adconion.TV network which was launched earlier this year.
Adconion developed the new network in order to offer a affordable solution to firms looking to disseminate online video.
Financial details of this latest deal have not been revealed.
Yesterday, it was revealed that private equity firm 3i has divested its stake in Nordic digital TV firm Boxer.
The company agreed to sell its 30 per cent shareholding to Teracom, the Swedish government-owned media company.
According to 3i, it and Boxer met all their shared milestones during the period of the investment.
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