LONDON (Alliance News) - Blue Star Capital PLC Thursday said majority-owned Oak Media has signed a licence agreement with RHF Productions for the marketing and promotion of Oak's white label casino products across RHFs UK TV channel inventory.
The service will be launched in the second quarter 2014 across RHF's ten subscription TV channels on the Sky, Virgin & Freeview platforms in the UK. It will also enable Oak to actively market casino services to an existing 250,000 subscriber database.
Following the signing of the agreement, Blue Star's shareholding in Oak has been reduced to 65% from 75%.
Oak's management can increase their shareholding to a maximum of 50% conditional upon Oak becoming profitable.
"Blue Star is delighted that Oak has concluded an agreement with one of the UKs largest operator of UK TV channels. This contract represents a major step forward in its strategy to capitalise on this fast growing market," Graham Parr, chairman, said in a statement.
Blue Star shares were Thursday quoted at 0.600 pence, unchanged.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Blue Star (BLU)