YOOMEDIA DISCUSSION FORUM!!

YooMedia sells Avago channel to Gala Group
By Gareth Jones

Interactive entertainment company YooMedia has sold is iTV gaming channel Avago (pictured) to Gala Group as part of an ongoing attempt to strengthen its balance sheet.
The deal will see Gala acquire all aspects of the Avago brand and associated intellectual property, including its database of 250,000 registered customer accounts.
The UK's third largest betting and gaming group intends to rebrand the channel prior to relaunching it on the digital satellite and cable platforms by the end of the third quarter this year.
"This project will form a key part of our expanding multimedia strategy," said Gala Group chief executive, Neil Goulden. "It will also allow us to promote our brand to a new audience in the UK."
YooMedia claims the sale will provide it with a net income contribution of between £5.1m and £8m depending on the performance of the channel over the next three years.
The company will continue to have what it describes as a 'prominent interest' in Avago, providing the iTV gaming portal behind the channel for the forseeable future.
YooMedia saw its share price fall recently after announcing that its gambling and games division had achieved lower than expected revenues, causing it to remain unprofitable during 2005