Iconic Labs (LON:ICON) has entered into a management services contract with JOE Media’s Irish business which runs some of the number one online-only media platforms in Ireland.
The news follows an agreement by Greencastle Capital to acquire Maximum Media Network Limited ("MM"), the company through which the JOE Media Irish business operates.
Under the contract, Iconic Labs will be paid a monthly management fee of £50,000 plus external costs, and receive 25% of all profits if certain revenue and profit targets are met.
Iconic Labs already manages all operational and commercial aspects of the JOE media businesses in the UK and will do so in Ireland following the completion of the Greencastle acquisition of MMN which this morning’s statement said is expected within two months.
Shares in Iconic Labs shares were trading 8.33% higher at 0.013p on Thursday morning.
JOE Media, which owns the JOE, Her, SportsJOE & HerFamily brands in Ireland, saw revenues soar by 391% from €1.46m in 2014 to €7.18m in 2017. Iconic said these brands have recently become some of the most recognisable brands in the Irish media landscape.
“As the leading independent digital media company in Ireland we are fully aware of the important role it plays in providing people with quality content on a daily basis,” said John Quinlan, Chief Executive Officer of Iconic Labs.
He added, “While the commercial growth of JOE to date has been impressive, we think there is still significant untapped potential and we look forward to working with all partners and stakeholders to achieve this."
Today’s announcement follows the news of last week’s acquisition of the JOE media UK business, which is known to generate in excess of £10m of revenue per year.
Iconic said it was working with Greencastle to take the business, which has previously been described as 'most influential publisher' by the BBC, out of administration earlier this month.
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