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3 Nov 2008 11:23
PARALLEL MEDIA GROUP REFOCUSES NEW LET AGREEMENT (`PMG' or `the Group')
Parallel Media Europe plc (AIM: PAA), and the Ladies European Tour (LET) have renegotiated their existing agreement, maintaining the sports marketing company's strong involvement in ladies golf.
Since 2003, PME has acted as the exclusive commercial partner and TV rights broker. Under the new agreement, PME will continue as a non-exclusive commercial partner of the LET on sales of sponsorship. PME will also continue as the exclusive international TV rights broker until 2013 with an option to extend the contract to 2016. Commissions due to PME from this role will increase to 30 percent of the revenues achieved.
PMG will be the exclusive promoter for the LET in Korea. In partnership with JGolf and Sportizen, PME is the promoter of the new LET event called the Saint Four Ladies' Masters taking place in Korea, from November 14 - 16, 2008. This tournament is co-sanctioned by the LET and the KLPGA. It was recently announced that the title sponsor will be Saint Four Golf Club, which is the host venue of the tournament. In addition to the Saint Four Ladies Masters, the LET is setting aside another date for a PME-promoted event in Asia.
In the case that any event in Asia promoted by PME exists at the end of the LET agreement, PME will retain the event's tournament rights for a further ten years, subject to meeting certain criteria.
David Ciclitira, Chairman of PMG, `We are delighted to reach a new agreement which I believe, very much plays to both parties' strengths'.
Alexandra Armas Executive Director of LET said, `Parallel Media Group have proven experience in the golf industry worldwide and we are delighted to continue our partnership'.
For further inquiries, please contact:
Rory Maxwell, Parallel Media Group plc +44 (0) 207 225 2000
Liam Murray/Antony Legge, Dowgate Capital Advisers Limited 020 7492 4777
Jos Simson, Ben Way Conduit PR +44 (0) 20 7429 6666
www.parallelmediagroup.com
http://www.ladieseuropeantour.com/
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