Video Firm Roo To Consolidate All Subsidiaries; Moving To Dubai
Roo Group, the OTC-traded and troubled video aggregator and IPTV provider in which News Corp (NYSE: NWS) has a stake, has been going through its share of management troubles, and is now taking the next step: it is moving out of the city and relocating its corporate headquarters/executive management from New York and Australia to Dubai. Also, it is buying its Australian subsidiary Sputnik, and Gavin Campion, the managing director of Sputnik, is the new president of the overall company. This is in keeping with the company’s efforts to simplify its corporate structure.
As for the move, 85 percent of current revenues for ROO comes from outside North America. More details in release.
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Comments (5)
Mar 17, 2008 9:10 AM
Nothing about this company seems simplified, serious or real. Is this some kind of pyramid scheme? You guys should think twice about covering this company. It has the whiff of a scam.
Mar 17, 2008 6:36 PM
Scam? Who is making money if it’s a scam?
I wouldn’t call them a scam as long as they are powering the video sites of most of Newscorp newspaper sites worldwide.
Maybe the tax advantages of operating in Dubai are just that inviting.
Mar 18, 2008 12:09 AM
I wonder if they moved to Dubai to escape any potential lawsuits like the one from the Ex Wurld media employees that are still owed back pay after Roo acquired the company ,
http://www.instituteforlegalreform.com/media/displayarticle.cfm?artid=ILLI964379164
Mar 18, 2008 4:44 AM
WOW - bought by a country that’s running out of oil. What an amazingly stupid and shortsighted plan. At least the directors will make a killing.
Mar 18, 2008 4:47 AM
Mitch: wake up and smell the greed. http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1205352000000&chddm=116187&q=OTC:RGRP. If roo were a house they’d be a “renovator’s dream”, bought out by a seedy lowlife who added some tacky fittings and sold it on to some sucker who still believes houses only go up in value.