As we reported earlier this week, we now have the official announcement that Orion Equity Holdings PLC has signed an Asset Purchase Agreement with Reach Media Group (RMG) to acquire the assets and broadcasting agreements of the company’s Fitness Entertainment Network.
As readers will remember, RMG announced that it planned to sell both its Café Network and its Fitness network so as to concentrate on its executive travel sector. DigiCast networks bought RMG’s café digital signage network, referred to at RMG as its NYTimes.com Today network in May.
Orion and RMG intend to close their transaction within 30 days. The company expects the closed transaction to be immediately accretive.
“The acquired Fitness Entertainment Network provides advertisers’ access to highly desirable, elusive audiences through some of the most attractive and engaging media opportunities available today,” notes the official statement from Orion Equity Holdings.
The network delivers broadcast advertising units within live cable television, shown in the cardio areas of health clubs across the US. Orion will add its inventory and local ad insertion technology to increase the number of impressions and allow advertisers to target campaigns regionally.
Matthew Stuart III, COO of Orion, says, “We are extremely excited to acquire significant digital out-of-home assets which will further position the company as a market leading provider in the digital media space.”
Orion Equity Holdings PLC is an Isle of Man holding company, publicly listed on the Frankfurt Open Market Exchange. Orion invests in ‘cutting edge’ digital media assets including companies in the digital out of home sector. Orion’s wholly owned subsidiaries are focused on building a prominent, multi-faceted digital media offering, which marries content consumption with retail consumption.
“This is great news,” says Chuck Strottman, vice-president of marketing at RMG. “Now we can focus on what’s really working for us.”
Strotman was referring to RMG’s reaching executives in airport lounges, taxis, Amtrak trains and in-flight, and developing robust distribution software for Digital Signage Networks.