Business
Management contract with JOE Media Ireland
Management contract with JOE Media Ireland.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \n \n RNS Number : 1490T\n Iconic Labs PLC\n 16 July 2020\n \n \n \n \n \n \n \n Iconic Labs Plc (\"Iconic Labs\" or the \"Company\")\n \n \n Management services contract with JOE Media Irish Business After Signing Contract of Acquisition for Maximum Media Network\n \n \n Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that, further to the Company's announcement on 8 July 2020, Greencastle Acquisition Limited (\"Greencastle\"), which is an affiliate of Greencastle MM LLP (\"Greencastle Capital\"), has entered into an agreement to acquire Maximum Media Network Limited (\"MM\"), the company through which the JOE Media Irish business operates, and for which Iconic Labs, through the management services contract it entered into with Greencastle Capital will provide management services to Greencastle in respect of the JOE Media Irish business. \n \n \n Completion of the acquisition of MM is conditional on successful Irish Media Merger clearance, which Greencastle hope to receive within two months, and thereupon the provision of the management services to Greencastle in respect of the JOE Media Irish business under the management services contract will similarly come into effect.\n \n \n ● \n At present, JOE, Her, SportsJOE & HerFamily are the #1 online-only media platforms in Ireland.\n \n \n ●\n In recent years, JOE, Her, SportsJOE & HerFamily have grown rapidly to become among the most recognisable brands in the Irish media landscape. \n \n \n ● \n Annual revenues of MM (The JOE Irish business) grew by 391% from €1.46m in 2014 to €7.18m in 2017.\n \n \n ● As previously announced, the terms of the management services contract provide that Iconic Labs will be paid a monthly management fee of £50,000 plus external costs for managing the combined businesses, and in addition shall receive 25% of all profits if certain revenue and profit targets are met. \n \n \n ●Iconic Labs is already managing all operational and commercial aspects of the JOE Media businesses in the UK and will do so in Ireland once the Irish Media Merger notification period has expired and completion of the acquisition of the JOE Media Irish business by Greencastle has occurred.\n \n \n \n \n \n JOE Media Irish Business (Maximum Media)\n \n \n MM, trading as JOE & Her, was founded i...