Opinion NEWS

Entertainment media company Galleon Holdings acquires 19% Stake in Dragonfruit Studios

By amarndra bhushan for CEOWORLD Magazine Updated:February 8, 2010

Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.

Entertainment media company Galleon Holdings Plc, has acquired a 19% stake in Dragonfruit Studios LLC for US$1m. US$500,000 in cash which will be used as additional working capital in Dragonfruit Studios. 2,850,318 new ordinary shares of 1p each in Galleon, equivalent on the basis set out in the contract to US$500,000; and Galleon’s 19% stake in Dragonfruit Entertainment, LLC (a wholly owned subsidiary of Dragonfruit
Studios LLC).

Dragonfruit was founded by Michael Koziol and Melissa Honabach in 1999 and sold to Canada’s Nurun five years later.

Galleon Holdings plc creates and distributes multi-platform branded entertainment properties focused on the emerging markets, in particular China and South East Asia. The entertainment properties are designed to establish a direct, interactive relationship with the viewer.

Television in China reaches approximately 98% of the population of 1.3 billion. Mobile phone penetration is also high, with over 500 million subscribers and with over 300 million people online, China is now the largest online market in the world. Huge TV audiences and growing interactive platform access presents a substantial opportunity for Galleon to benefit from the popularity and demand for interactive entertainment and game shows.

CEO of Galleon Holdings, Stephen Green said: “Dragonfruit has made some significant inroads in terms of unlocking revenue from large consumer brands. This branded entertainment revenue is critical for launching Galleons MEPs in the US. We are also seeing benefits in China where the same brands are also interested in investing in some of our entertainment properties.”

CEO of Dragonfruit Studios, Michael Koziol said: “We have assembled a strong portfolio of brand-friendly multi-platform entertainment properties that offer significant value to broadcasters, digital networks, brands, marketers, audiences and consumers. We are in a very strong position to monetise these assets in a number of different ways.”

Sphere: Related Content

Like this article! ‹ AMEE gets $5.5m for greenhouse gas emissions lead by Amadeus Capital Partners Naspers and DST Forticom in talks to pool Polish social networks Gadu-Gadu and Nasza-klasa.pl ›
Share and Enjoy: Get It Delivered To Your Inbox