OpenTV to acquire Static for $59 M

Wed, 06/13/2001 - 8:00pm
Anne Kerven

OpenTV agreed to acquire Static, a privately held ITV media and entertainment company in London, for about $59 million.

Under the stock-and-cash agreement, OpenTV will get all of Static's stock, although about 14 percent of the gross deal value, in ordinary shares, will be held back for certain earn-out provisions, OpenTV reports.

For its part, Static shareholders will receive about 2.6 million shares of OpenTV's Class A shares and about $17 million in cash.

The deal brings OpenTV the PlayJam ITV entertainment and games channel, which presently reaches more than 9 million homes, on several networks and platforms.


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