Roo Group, the OTC-traded online video aggregator, distributor and tech providers, which recently got investment from News Corp, has signed an LOI to buy Wurld Media, the P2P distributor and operator of Peer Impact legal P2P service. The deal is expected to close in three months.
The deal terms: $10 million, to be paid in cash and ROO common stock at $4.39 per share. ROO will immediately advance $1.5 million to Wurld Media, and on the closing of the acquisition, ROO will pay $6.5 million dollars in stock or cash and will issue an additional $2 million in stock upon the achievement of milestones.
Established in 1999, NY-based Wurld Media specializes in the P2P distribution of music, movies, games and TV shows, but didn’t really gain much traction in the consumer market..its Peer Impact service has content from 20th Century Fox, WB, Universal, Sony, Warner, EMI, Atari, Activision, and others. These content providers are planned to continue post-deal.
Details in release here.
Related: Video Provider Roo Buys MyVideoDaily