Friday 8th April 2016
|Text too small?|
Vista Group International, the cinema software and analytics firm, bought movie website Flicks for an undisclosed sum.
The deal was effective today, and while the terms are confidential, Vista said it's based on an initial payment with future top-ups contingent on earnings in the 2016 financial year. Flicks is a profitable company, and while its revenue and profit are not material to Vista, it will add to Vista’s revenue and earnings in 2016 and beyond, the Auckland-based company said in a statement.
"We have followed Flicks for a long time and have always been aware of the synergistic benefits of combining Flicks with Vista," chief executive Murray Holdaway said. "We’re delighted to be finally realising the opportunity, and with (founder and shareholder) Paul Scantlebury continuing to lead the business, the continuation of the style and content that users of the Flicks site are accustomed to will continue."
Flicks is a movie website which features every film playing in New Zealand with information, trailers, user and press comments, movie times, cinema profiles, film reviews and news.
Vista has been expanding its global operations through joint ventures and acquisitions since going public in 2014, and in February Holdaway said the company had about $27.3 million of cash on hand that it would use for any new purchases.
The shares last traded at $5.34 and have declined 7.1 percent this year.
No comments yet
House price inflation ticks higher as sales volumes recover
Fletcher in $31 mln dispute with ministry over Greymouth hospital
NZ dollar eases as markets fret about US-China trade talks
15th October 2019 Morning Report
CTU pressures govt for Fair Pay Agreements
NZ Rugby not ready for a seat at Sky board table
MARKET CLOSE: NZ shares gain; Sky soars on NZ Rugby deal
NZ dollar falls ahead of inflation data
F&P Healthcare shares hit record on improved guidance
Bounce in international guest nights some reprieve for slowing tourism sector