A&E Networks cancels contract with Blackbird

Video editing software specialist Blackbird announced on Friday that A&E Television Networks would terminate its contract with the company at the end of June.

The AIM-traded firm said that for the year ended 31 December, the A&E Television Networks contract accounted for less than 10% of its total revenues.

“Whilst we are disappointed to have received this notification from A&E Television Networks, the Americas remain a core focus for our media and entertainment business, and we are following up on the significant interest generated at last month's NAB industry trade show in America,” said chief executive officer Ian McDonough.

“The company remains well funded with £9m in cash and, alongside our core business, an exciting opportunity with Blackbird software-as-a-service within the growing creator space.”

At 1055 BST, shares in Blackbird were down 25% at 7.5p.

Reporting by Josh White for Sharecast.com.