LONDON (Thomson Financial) - Motive Television PLC said it has launched wi
th producer Cillian de Buitlear an independent television production joint venture that will target the UK entertainment market.
Motive, which is listed on AIM and based in Dublin, said it will provide up to 500,000 stg of working capital for the 50-50 joint venture.
The company said it has the option to buy Buitlear's shares for up to 5 mln stg at any time after the end of the third year. It said it expects to exercise this option after Luminous reaches expected levels of profitability.
Buitlear will be the managing director of Luminous.
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