Falcon Acquisitions gobbles up Teevee Networks for £0.5m

Over-the-top services investment company Falcon Acquisitions announced on Thursday that it has entered into an agreement to acquire Teevee Networks Limited, a direct to consumer media technology company, for £500,000.

The firm said the agreement is conditional on a number of items, including the company being re-admitted to listing on the Official List and to trading on the London Stock Exchange.

It had published a prospectus on 13 January, which included full details in relation to its investment strategy.

Falcon said it is not aware of any subsequent material changes to the information then published, other than those announced through the Regulatory News Service.

The proposed transaction is in accordance with the company's stated strategy to acquire a business or businesses in the OTT sector.

“Our focus has been on securing a range of investments that will enable us to build a scalable multi-divisional global broadcasting media business through which we can generate significant returns for our shareholders,” said executive chairman Gert Rieder.

“I am therefore delighted to announce the acquisition of TVNL, an innovative early stage media technology company, which will provide Falcon with a strong platform from which to build a recognisable brand in the growing OTT market.

“I look forward to updating the market with further details in due course.”