World Television to Acquire Certain AssetsNEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Medialink Worldwide Incorporated (Nasdaq: MDLK - News) announced today that the Company's board of directors has approved an offer from World Television Group plc to acquire certain assets of Medialink's media communications services business operated in the United Kingdom.
The transaction, which is subject to standard due diligence procedures, is expected to be consummated by the end of the month. Under the terms of the offer, Medialink would receive from World a percentage of the gross profit derived from certain client revenue for a period of eighteen months from the closing date. Medialink and World also intend to enter into a mutual affiliate arrangement under which they will provide media communications services to each other's clients. Upon completion of the transaction, all existing clients of the London-based subsidiary will be serviced by World. Medialink's media communications services business in the United States will continue to service both the domestic and international needs of its clients, which are currently provided through Medialink's headquarters in New York and its other U.S.-based offices.
"We believe World Television will be an excellent partner in both servicing our former clients in the U.K. and Europe as well as providing services through an affiliate arrangement to the clients of our U.S.-based operation," said Laurence Moskowitz, chief executive officer of Medialink. "We have known the World Television management for more than a decade and believe our respective companies can provide the utmost in broadcast and Internet capabilities to our respective roster of clients."
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