GoConnect to acquire Cashmere Media, PLW

Internet and mobile media company GoConnect (ASX:GCN) has reached an agreement on the acquisition of Cashmere Media and PLW Entertainment.

The takeover targets have agreed to be acquired in exchange for a 30% stake in the enlarged company, to be shared equally between them.

Cashmere Media operates the music news and information portal

PLW Entertainment was founded by record producer Paul Wiltshire, and produces music for recording artists. The company also has record label, music publishing and artist management units.

The combined unit will focus on launching a music IPTV channel in Australia.