ABS-CBN Acquires Multiply Shares
Monday, November 17, 2008
Captain's Log Supplemental Stardate -315878.98
Philippine media giant, ABS-CBN, has acquired a five percent stake of social networking site Multiply for about US$5 million.
ABS-CBN Broadcasting Corporation, through its subsidiary ABS-CBN Global Ltd., has bought a five percent stake in social networking site Multiply.
In a statement, ABS-CBN said it purchased 2,524,488 shares of Series P Common Stock in Multiply, Inc. at a purchase price of $1.9806 per share, or a total purchase price of $5,000,000.93 last November 13.
Under the stock purchase agreement between ABS-CBN Global and Multiply, ABS-CBN Global may, during the two-year period following the initial purchase of shares, acquire additional shares in Multiply to bring its ownership to as much as 10 percent of the total authorized stock of Multiply.
"ABS-CBN Global is confident that, despite a challenging economic environment, its investment in Multiply will complement, enhance and upgrade ABS-CBN’s and its subsidiaries’ television and radio broadcasting, content production and distribution, and internet and online businesses through organic and unbiased marketing and promotion of its programs, products and services generated by and through the Multiply website," it said in a statement.
Multiply, on the other hand, trusts that ABS-CBN Global’s strength in marketing, advertising and content, will bring in additional new users of the website and revenues for the social networking giant.
This deal is still clueless.
*Computer end log*
Labels: blogging, internet
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