TOKYO — British entertainment company Galleon Holdings has acquired newly established Hong Kong media software firm Phoenix Investment Global to sell interactive broadcasting services to China and the rest of Southeast Asia.
Initial payment is $3.06 million with a further $8.16 million possible payment over three years depending on two mobile phone contracts and Phoenix’s performance over three years.
Set up in July, Phoenix provides services that help broadcasters provide interactive entertainment via TV, online and mobile devices. Customers include Hunan ETV, Hunan Satellite, Guangdong Sports Channel (China) and Malaysia’s Media Prima.
Galleon, which is listed on the Alternative Investment Market section of the London Stock Exchange, says it is raising a further $16.3 million through a share sale and most of the proceeds will fund expansion in China, including the possible acquisition of a Chinese mobile services provider, with which Galleon is in “advanced discussions.”
“With Phoenix, Galleon has a pipeline straight into China and Asia giving our cross-platform entertainment content access to hundreds of millions of viewers at any one time,” said Galleon CEO Stephen Green. “The sheer size of the audiences in China alone creates whole new scale-based business models.”