JumpTV, NeuLion to merge
Canadian internet television broadcaster JumpTV Inc. will merge with NeuLion Inc., a U.S. company controlled by Charles Wang, the firms said Monday.
Privately-held NeuLion, which is based in Plainview, N.Y., offers television programming over the internet, along with video streaming technology and other web services.
Toronto-based JumpTV will issue more than 49.5 million common shares, 1.8 million contingent shares, plus five million warrants to the shareholders of NeuLion as part of the merger.
Wang, the founder of Computer Associates and the owner of the New York Islanders hockey club, will become chairman of the merged company, while his wife, Nancy Li, will become CEO. James Paterson, the former head of Yorkton Securities and the executive chairman of JumpTV, will become the executive vice-chairman of the merged company.
"This merger enables to us to provide our partners with a complete solution for streaming content live online across multiple devices and viewing platforms," said Paterson in a release.
JumpTV shares have retreated from a one-year high of $6.22 to trade under one dollar. On Monday, the stock rose three cents to close at 82 cents on the TSX.
0 comments:
Post a Comment