Business
New management contract - Lovin' Media
New management contract - Lovin' Media.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3529F\n Iconic Labs PLC\n 16 November 2020\n \n \n \n \n \n \n Iconic Labs Plc (\"Iconic Labs\" or the \"Company\")\n \n New management contract - Lovin' Media\n \n \n \n \n Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that following the acquisition by Greencastle Acquisition Limited (\"Greencastle\") of LD Lovin' Dublin Limited (\"Lovin' Media\"), the Company has entered into a management services contract with Greencastle under which it will take over responsibility for all operational and strategic management of Lovin' Media with immediate effect. This new management services contract has the same terms as previous management services contracts between the Company and Greencastle, and under it Iconic Labs will be paid a monthly management fee of £10,000 plus external costs, and in addition shall receive 25% of all profits if certain revenue and profit targets are met.\n \n \n Lovin' Media is one of Irelands most recognisable online publisher brands and is operationally profitable. The digital and social media publisher based in Dublin, is best known for its original editorial lifestyle and entertainment content specifically focusing on things to do in Ireland and in particular in the city of Dublin. As such, it is an ideal addition to the portfolio of brands including JOE and Her that are managed by Iconic Labs, delivering a new and valuable audience demographic. Iconic Labs intends to invest its resource and knowledge to help scale the business and revenues and build on the great work the team at Lovin' Media have done in developing a successful content and brand. It will remain as a separate brand. \n \n \n John Quinlan, CEO of the Company, said \"This new management services contract sits perfectly with our existing contract to manage JOE and Her. At the same time as enabling synergies across the businesses in certain functions, Lovin' Media provides us with a complementary and exciting brand to discuss with clients. We will also apply our tried and tested methods to increase reach and revenues and look forward to successfully growing Lovin' Media alongside JOE and Her.\"\n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n The information contained within this announcement is deemed by the...