Last checked at 31 Jan 2012 07:00
31.01.12
Parallel Media Group PLC
("PMG" or the "Company")
PSM agrees to enter joint venture with Froggies Media SARL
PMG, the AIM quoted sports marketing and media group, is pleased to announce that Parallel Smart Media (PSM), which is 50% owned by PMG, has signed binding heads of agreement to enter into a 50/50 joint venture with Froggies Media SARL, a branding and production company based in Paris, led by Tim Newman. The new company, Froggies Smart Media, will be able to take advantage of Froggies Media's established connections within the French and European markets.
Froggies Smart Media will utilise PSM's smart media platforms (www.parallelmediagroup.com/parallel-smart-media/), which provide a step-change in the way that sports, entertainment and lifestyle media can be delivered. Initially it will target existing clients - which include renowned brands such as Dom Perignon and Louis Vuitton in France.
Tim Newman was the CEO of NBDC, which produced TV programmes such as Rapido (BBC) and Passengers (Channel 4). After the success of Rapido, he created Rapido TV with the partners of NBDC and Richard Branson (50% NDBC, 50% Virgin), which produced a number of programmes including the cult show "Eurotrash" (Channel 4).
Commenting on the new joint venture, Tim Newman says:
"I have been involved in the world of TV for 25 years. Froggies Smart Media offers opportunities which enable clients to literally create their own TV stations. The potential for this business is enormous."
David Ciclitira, Chairman of PMG, comments:
"We are delighted to be working with Tim on this new joint venture. This new development certainly cements our vision for the business and we look forward to growing it further."
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For further information, please contact:
Parallel Media Group plc 020 7225 2000
David Ciclitira
Northland Capital Partners Limited 020 7796 8800
Luke Cairns, Edward Hutton
Novus Capital Markets Limited 020 7107 1881
Nicholas Lee
Bishopsgate Communications 020 7562 3350
Deepali Schneider, Natalie Quinn
pmg@bishopsgatecommunications.com