Livewire Buys U.K. Co. For $4M
Littleton mobile music and content company Livewire Mobile Inc. has acquired United Kingdom-based company FoneStarz Media Group Ltd. for about $4 million.
Livewire said the move expands its market to more than 400 million subscribers in almost 30 countries.
FoneStarz, which is based in Cambridgeshire, U.K., works with cell phone companies in several European and African countries, as well as New Zealand. It also has content licenses with media companies including Disney, Playboy, Turner, American Greetings and Manchester United.
FoneStarz CEO and founder Dave Moreau will become COO of the combined company.
As part of the deal, a subsidiary of Livewire bought all FoneStarz shares from its shareholders for $2.3 million in cash. That amount may rise by $350,000 if certain conditions are met over the next year. Livewire also took on FoneStarz's $1.3-million debts.
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