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YuuZoo invests more in Relativity Media
YUUZOO on Thursday announced a new investment in movie studio Relativity Media, in which it had acquired a 33.3 per cent stake for US$27.5 million last month.
YuuZoo executive chairman Thomas Zilliacus said that the deal will result in a "significantly wider and deeper partnership than originally discussed" and a "massive global content and distribution engine".
Under the agreement, Relativity will, among others, market the YuuZoo platform in the US as a new US master franchisee of YuuZoo, and work with YuuZoo to develop exclusive traditional and virtual reality content for Relativity's upcoming film and television slates.
As part of the new agreement, Relativity's chairman and chief executive Ryan Kavanaugh will join the YuuZoo board, and Mr Zilliacus will join the Relativity board.
The investment amount was not disclosed. YuuZoo shares closed 1.235 per cent lower at S$0.16 on Thursday.