JumpTV, a Canadian online TV channel aggregator, focused mainly on the expatriate markets, has filed for an IPO on London’s AIM market, and is expecting to raise about $59 million.
It currently has approximately 16,000 subscribers in over 80 countries with 53% of its subscribers residing in U.S. and 22% of its subscribers residing in Western Europe, the company says. It intends to use approximately one-third of the proceeds from the offering for subscriber acquisitions. The management team listing is here.
The company has been signing on TV channels from Iraq, India, Russia, and other countries, trying to reach expatriates in U.S. and others.
GlobeandMail: CEO Scott Paterson has parlayed his relatively modest investment in JumpTV into an ownership stake that will be valued at nearly CDN$30-million, according to IPO prospectus figures. JumpTV executives, including president Kaliel Tuzman, Paterson and several others, will own almost two-thirds of the company when it goes public. It had revenues of CDN$1.43-million for the year ended March 31 and posted a loss of CDN$8.6-million. Part of the losses were the result of increased travel and marketing costs associated with expanding the operation and signing up new channels, the company said.
Related:
—Startup.com Guy Launching Iraq TV Channels Online; Plans London Listing
—JumpTV To Broadcast Online Despite Canadian Ruling