There have been conflicting rumours in the UK with regard Maidstone, Kent, based Absolute Audio Systems [1] AND Redmond, Washington, based PlayNetwork [2].
[3]Some said the latter has acquired the former, others seemed to think it’s only a JV BUT we are pretty convinced that it’s a JV (we doubt that PlayNetwork actually has enough cash for acquisitions after its Channel M purchase [4]).
Our understanding is that Absolute Audio have effectively put all of their business into PlayNetwork UK Ltd. Revenues are split with Absolute Audio getting something like 50% and PlayNetwork itself and PlayNetwork UK Managing Director Dharmendra Patel [5] each getting a percentage too.
If you think that’s weird then it is.