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Private Finalizes Deal to Acquire Sureflix, Maleflixxx
November 4, 2009 | Leave a Comment
Press Release Roundup: Adult entertainment company Private Media Group (PMG) has closed its acquisition of Sureflix Digital Distribution, parent company of VOD network Maleflixxx.tv and other properties. A company rep notes this provides PMG with “a leadership position in the lucrative gay market.” The acquisition agreement signed on October 9 “provides for the issuance of 3,900,000 unregistered shares” of PMG common stock to Sureflix and “up to an additional 2,100,000 shares of PMG common stock based on earnout targets.” Private CEO Ilan Bunimovitz praised the “comprehensive catalog” the company now offers. “With Sureflix, we extend our platform into yet another new market and broaden our leading position in the adult industry into the gay space,” he said. “This is an accretive acquisition and it will act as a strategic accelerator for both parties, enabling growth into new markets and territories while opening up new business relationships.” Sureflix President Eric Johnson praised PMG’s distribution network. “It is hard to imagine a better fit,” he said. “This deal opens many revenue channels and allows us to deliver the distribution muscle of a storied international brand to our premium catalog.” The PMG rep notes a “combined pro-forma revenue” for both companies for the first half of 2009, ending June 30, of $19.3 million (USD) versus $16.0 million for the same time period for Private alone.
See also:
* “Private Media Group Closes Deal to Acquire Sureflix“
