Mooter Media to acquire Woophy via JV deal

Mooter Media to acquire Woophy via JV deal

Digital media company Mooter Media (ASX:MMZ) has arranged to acquire 80% of Netherlands-based Woophy BV via the formation of a joint venture.

The JV will be established to own Woophy's geo-targeted photo sharing website and approximately 40,000 international members.

It will be registered in the US and operated from the Hot Shot/Mooter development centre in San Francisco.

Mooter will be the 80% owner of the new entity, which will own all the assets of Woophy BV. Its board will consist of two directors from the Hot Shot/Mooter JV and Woophy founder and CEO Joris van Hoytema.

“The acquisition of Woophy is yet another step in the Mooter-Hot Shot joint venture's vision to become a major worldiwde player in the online photo space,” Mooter chairman Peter Jermyn said.

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Tags multimediaMooter Mediajoint ventureASX:MMZJoris van HoytemaPeter JermynWoophy

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