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Perform Group agrees American joint venture

British digital sports media firm has established Perform Sporting News in partnership with print and digital news provider American City Business Journals.

Friday 29th March 2013

British digital sports media specialist Perform Group has partnered with print and digital news provider American City Business Journals Incorporated to establish the new Perform Sporting News Limited joint venture. Feltham-based Perform Group is the firm behind the on-demand and live sports video application recently integrated on Facebook along with the website and signed a deal earlier this month that will see it spend an initial consideration of €2 million in order to acquire leading Dutch sports site Perform Group announced that it will own 65 percent of the new joint venture with American City Business Journals, which is a subsidiary of Advance Publications Incorporated, holding the remainder. Perform is to provide loans and cash equity of $1.4 million to cover working expenses alongside the $4.2 million being provided by its partner. “We are excited to announce this partnership between Perform and American City Business Journals, which brings together the leading provider of online sports video and one of the United State’s flagship sports media brands,” said Oliver Slipper, Joint Chief Executive Officer for Perform. “Perform Sporting News Limited is a fantastic opportunity to significantly scale and transform our business in the United States and Canada, two of the world's largest and most advanced digital marketplaces, to become a major player in these territories. Together, we will bring the best news, editorial, video and data content of professional and college sports to millions of sports fans in the United States and Canada and provide advertisers with a complete digital sports offering across the web and mobile and across both video and display.” Perform stated that the New York-based joint venture is to have sales and editorial teams in Charlotte, Chicago and Los Angeles and it will be entitled to purchase the portion held by American City Business Journals for a pre-determined cash price of $65 million any time before the beginning of 2017. This price is to rise to $75 million between January of 2017 and the end of 2018 except during the months of April and May each year while such a transaction will cost $85 million after the first day of 2019. “Perform's proven strategy is to combine strong organic growth with selected acquisitions and we have in place a clear framework should we decide to increase our ownership of the venture in due course,” said Slipper. “We look forward to working with American City Business Journals and to build on the success we have achieved to date in the United States and Canada, establishing Perform Sporting News Limited as a true market leading digital sport business.”

Source: OnlineCasinoNews

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