Seeking to boost its US market profile and coverage, Stockholm-listed Catena Media confirms that it has entered a strategic arrangement with ‘i15Media’, the media investment vehicle established by Chris Grove and Kendall Saville.
Updating the market, Catena governance confirms that it has completed its buyout of i15Media US assets, initially triggered in December 2016.
Further to the earn-out, Catena governance informs that it has entered a new arrangement with i15Media founders Grove and Saville, which will see the Stockholm publisher offer affiliation services for companies or assets that i15Media may choose to invest in.
Further disclosed terms, see Catena maintain the ‘right of first refusal’ on i15Media acquisitions should the investment vehicle choose to divest its assets.
Backing the arrangement Catena’s chief executive Per Hellberg said. “I’m pleased to secure the sellers valuable knowledge and network in the important US market through this extended partnership”.
In a corporate filing published last month, Catena governance revealed that it had agreed a $19.5 million cash and shares earn-out with regards to i15Media’ original deal.
“We now enter a new phase in our journey as entrepreneurs and looking forward in doing so with rapid growth and strong relationships with Catena Media.” detailed Chris Grove, Co-founder i15 Media