Business
The Nickels Group Acquisition
The Nickels Group Acquisition.
About this update from Gana Media Group Plc
[{"type":"text","content":"\n Mobile Streams plc\n07 August 2006\n\n\n Mobile Streams strengthens US presence with acquisition of The Nickels Group\n\nMobile Streams, the global mobile music and media specialist, is pleased to\nannounce the acquisition of The Nickels Group, the California-based mobile\nproduction company. The Nickels Group specialises in the licensing and\ndistribution of urban music, currently the highest selling genre of music in the\nUS. The deal will significantly strengthen Mobile Streams' content generation\nand distribution business as well as providing a strategic foothold on the West\ncoast of America.\n\nMobile Streams and The Nickels Group already operate a number of successful\nstrategic partnerships, jointly developing and distributing mobile content\nchannels including Reggaeton Nation The Hyphy Movement, and the latest brand\noffering from Nexxt Mobile and Paul Wall's G.R.I.T. Boys, the first mobile\nreality series.\n\nThe acquisition of The Nickels Group will allow Mobile Streams to build on its\nfast-growing range of made-for-mobile music and media content, both through\norganic development and the integration of The Nickels Group's content\nportfolio, which includes artists such as Paul Wall's G.R.I.T. Boys, Tego\nCalderon, Voltio, and other top Hip Hop artists. In addition, Mobile Streams\nwill own and control original content IP, such as the Nexxt Mobile series, which\ncan be leveraged across other channels such at IPTV, VOD and broadband.\n\nA presence on the US West coast will also allow Mobile Streams to manage more\nclosely key customer relationships and build on existing contacts.\n\nFounders Jonas Hudson and Daryl Young will join Mobile Streams as Senior Vice\nPresidents.\n\nMobile Streams will fund the deal from existing cash flow, for an initial\nconsideration of $450,000, of which The Nickels Group will use $100,000 to buy\nMobile Streams shares. Deferred consideration of $240,000 will be payable over\nthe next two years.\n\nSimon Buckingham, CEO of Mobile Streams, said: 'This deal will significantly\nstrengthen our position in the large and attractive US market as well as broaden\nour content offering in the popular urban music and media arena. The Nickels\nGroup is an innovative company that can acquire & produce exclusive urban\ncontent'.\n\nJonas Hudson from The Nickels Group said: 'Mobile Streams' ext...