NEW YORK, Sept. 3 /PRNewswire-FirstCall/ -- Medialink Worldwide Incorporated (Nasdaq: MDLK - News), a leading provider of diversified media services for professional communicators and marketers, today announced that it closed the previously announced transfer of its ownership interest in Teletrax to Koninklijke Philips Electronics N.V. (NYSE: PHG - News).Under the terms of the transactions, Philips, which previously owned 24% of the Teletrax entities, assumed Medialink's 76% ownership stake in both Teletrax subsidiaries for a reimbursement of certain net operating costs incurred by Medialink prior to closing, subject to certain post-closing adjustments. The transaction was effective as of August 29, 2008. Philips now owns 100% of the Teletrax entities and Medialink has no further funding obligations. Medialink will continue to offer the Teletrax® service for use by its media communications services clients.
About Medialink:
Medialink is a global leader in providing unique news and marketing media strategies and solutions that enable corporations and organizations to inform and educate their target audiences with maximum impact on television, radio and the Internet. The Company offers creative services and multimedia distribution programs including video and audio news and short-form programming. Based in New York, Medialink has offices in major cities throughout the United States. For additional investor and financial information, please visit the Investor Relations section of the Company's Web site (www.medialink.com).
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