TV Gaming Channel Avago Sold To Gala
Published: Tuesday, January 03, 2006 Online-Casinos.com
TV GAMING CHANNEL AVAGO SOLD TO GALA
Interactive TV gaming channel goes for between GBP 5.1 million and GBP 8.05 million
UK-based interactive TV content and services company, YooMedia has sold its interactive TV gaming channel, Avago, to betting and gaming company, Gala Group.
The channel, which features live presenters, is currently available on the Sky satellite platform (channel 181) and will shortly launch on the NTL digital cable platform. In terms of the agreement, Gala acquires the Avago brand and associated intellectual property, and the channel's database of over 250,000 registered customer accounts to add to its 7 million registered customers.
YooMedia will receive an asset sale consideration, an ongoing share of the channel's gaming revenues, and support and development contracts for more than three years. The company says that the deal will provide it with a net income contribution of between GBP 5.1 million and GBP 8.05 million, depending on the channel's performance.
Gala spokesmen said the group plans to rebrand the channel as "Gala TV," and relaunch it by the end of the third quarter 2006. However, YooMedia will continue to have what it describes as a "prominent interest" in the channel and will continue to provide its interactive gaming portal behind the channel.
Explaining the deal, YooMedia group managing director, Neil MacDonald said: "The Avago deal will see the whole interactive TV gambling proposition promoted to a much wider audience than we could ever reach under our own branded efforts. The Avago channel has been very successful for us, but in the run-in to the new UK remote gaming legislation coming into force sometime in 2007, it was always our strategy to partner with a leading branded operator, as the market will mature rapidly.
"It also signals, along with the work we do with William Hill that interactive TV gaming is no longer the preserve of niche independent players, such as ourselves, or just Sky, and is now a mainstream part of a multi-billion-dollar industry."
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