(Sharecast News) - Technology-focussed adviser and investor MXC Capital has made a £4.9m investment into Channel Islands Media Group (CIMG) - its newly-established joint venture with the Bailiwick Investment Limited (BIL), a specialist fund which is administered and managed by Ravenscroft, with whom MXC had an existing partnership.
The AIM-traded firm said the investment had enabled CIMG to complete the acquisition of the Guernsey Press Company and its wholly-owned subsidiary, Guernsey Distribution.
It described the Guernsey Press as a "key source" of news and information across the Bailiwick of Guernsey, offering multimedia platforms such as the website and app 'GY4U', as well as the production and distribution of the local newspaper and the wholesale and distribution of national newspapers and magazines.
Using technology, it said the intention was to enhance the content and market share of both the website and app, and to provide a full managed service for the digital needs of the Guernsey business community.
MXC and the BIL had each made an equal equity investment into CIMG to fund the acquisition, and following the Investment, MXC held 50% of the voting rights and issued share capital of CIMG.
"There is a fabulous opportunity to make the GY4U portal the go to destination for all things Guernsey," said MXC Capital chief executive officer Ian Smith.
"As a captive market, unlike the UK, we can create a single source for news, user specific content, loyalty schemes and of course the obvious Automotive, Housing and Jobs market."
Smith said the media landscape had changed "significantly" in the last decade, with technology lying at the heart of those changes.
"We are looking forward to being part of such a respected Guernsey name and helping it to further embrace technology so that it drives value for both users and investors."
10 Jan 2019 12:20
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