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YuuZoo to invest up to US$150m in Relativity Holdings Media
YUUZOO Corporation said on Friday its new equity investment in movie studio Relativity Holdings Media (in which it acquired a 33.3 per cent stake for US$27.5 million last month) will be at least US$15 million and up to US$150 million.
This comes a day after YuuZoo announced it will be investing more in Relativity, but the sum was not disclosed.
In an announcement on Friday, the mainboard-listed social networking, e-commerce and entertainment company said the new agreement will "supersede the original term sheet and letter of intent" entered between the company and Relativity in October.
It said: "The proposed equity investment is in line with the company's business strategy to add high-quality media content for distribution through the company's 'YuuZoo' social e-commerce platform and for online and mobile payments to be made using the company's 'YuuPay' payment system."
Under the agreement, Relativity will, among other things, market the YuuZoo platform in the United States as a new US master franchisee of YuuZoo, and introduce the company and its products and services to all its domestic and international partners.
As part of the new agreement, Relativity's chairman and chief executive Ryan Kavanaugh will join the YuuZoo board and YuuZoo executive chairman Thomas Zilliacus will join Relativity's board.