Independent TeleMedia to Acquire 2 Companies
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Independent TeleMedia Group, a Sherman Oaks media investment firm, said it has signed an agreement to acquire two cable television advertising companies: SkyConnect, of Boulder, Colo., and Mediatech Inc., of Chicago.
The acquisitions are aimed at marketing a new technology that could significantly cut the costs of advertising on cable television, said Lew Eisaguirre, chief financial officer of Independent TeleMedia.
SkyConnect has developed a network of systems it calls digital video file servers--a technology capable of distributing advertisements digitally, using computers. This could replace the more cumbersome process of duplicating videotapes and sending them by mail, Eisaguirre said.
Under the agreement with SkyConnect, Independent TeleMedia will offer 90% of its common stock in exchange for 100% of SkyConnect’s outstanding shares, the company said. The agreement with Mediatech requires that Independent TeleMedia exchange $9.25 million in common stocks and assume $4.5 million of Mediatech’s debt to acquire the firm.
The acquisitions are subject to shareholder approval.
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