R4E.L Share News (R4E)

(Sharecast News) - Reach4entertainment has agreed to buy a 50% interest in sports content supplier Buzz 16 for an undisclosed sum.The entertainment marketing communications group said the total consideration for the acquisition, which is expected to be earnings-accretive this year, will be satisfied through its existing cash resources.Founded in 2016, the business creates short and long form sports-orientated content and is co-owned by shareholders including former Manchester United player Gary Neville and former Sky Sports Premier League producer Scott Melvin.R4E said the acquisition will bring together Buzz 16's strong in-house production capabilities and impressive network of both emerging and established sporting talent with its multi-disciplinary approach to media and marketing services.Neville, Melvin and the Buzz 16 team will continue to develop cross-platform original content but will further expand Buzz 16's offering by partnering with r4e and its management team to diversify into new marketing-focused verticals.R4E's chief executive Marc Boyan will join Neville and Melvin as directors of Buzz 16 and will take an active role in building out combined capabilities.Boyan said: "Our investment in Buzz 16 was the culmination of a competitive process and is testament to the fact that our vision for the group has broad appeal. This exciting partnership brings with it a number of important synergies."While it will provide R4E with exposure to the sports media sector, we see a great opportunity to help Buzz 16 develop a marketing services offering and provide leading brands with powerful strategies to meaningfully engage with their audiences across sponsorship, talent partnerships, experiential and sports marketing. We believe Buzz 16 will be a valuable addition to the R4E family."At 1015 GMT, the shares were up 1.9% to 1.02p.