RE: Contract14 Apr 2020 12:50
"Importantly, the agreement enables Iconic Labs to share in the upside through our entitlement to an amount equal to 25% of the profits of TLE, while risking no capital and ensuring through the monthly management fee that our costs and time are always covered. The agreement cannot be terminated by TLE without cause or agreement by Iconic Labs.
The restrictions on TLE's ability to terminate the agreement also ensures that if TLE is sold, then because the agreement continues in place Iconic Labs can continue to enjoy the same economic terms after the sale as before. Should this agreement prove as advantageous to Iconic Labs as we anticipate, then we may replicate the model elsewhere."
Jack Peat, editor of TheLondonEconomic, said : "We are extremely pleased to be moving into our next growth phase with the expertise and knowledge of Iconic Labs on our side. After seven years of solid growth we know TLE is well positioned to move to the next level, building on the brand's trusted reputation within the market to grow our audience and build new relationships with brands looking for access to urban, educated, professionals.
In seeking to do this, we took a decision that the opportunity was too great for us not to give ourselves the best chance for success. We believe that the Iconic Labs team of John Quinlan, Liam Harrington and Sam Asante understand better than anyone how to grow and monetise a digital publisher. Further, their track record at UNILAD in building the world's largest social media publisher (on even less capital than we have had) demonstrates their ability not just to understand the market, but to execute on a plan. We are delighted that the deal has now completed, this it is the opportunity we have always wanted, and comes at a time when both digital distribution of news and the ideas and values of TLE are more relevant than ever."
Sign In
Follow the stocks
