TownPagesNet.com
has acquired WWW.CO.UK, the UK’s leading
Internet provider of cinema information, and its affiliated group companies
for £4 million ($6 million) in cash and stock.
The terms of the deal require TownPages to pay £2.5 million
($4 million) in stock and the remainder in cash, with “an additional
earnout” that becomes payable if WWW.CO.UK meets agreed performance
targets.
“This is an important strategic acquisition for TownPages as it
dramatically increases our critical mass of general entertainment
information offered through our site,” said Andrew Lyndon-Skeggs,
managing director of TownPages.
“Because of the broad-based popularity of the cinema, we believe
this combination will attract a whole new audience to TownPages.
On a combined basis, we would be receiving in excess of 7 million
hits per month.”
WWW.CO.UK says it achieved 4.4 million hits in June 1999 and
offers information on over 35 per cent of the UK cinema market.
It has recently signed a contract with Ireland’s largest cinema group
to provide a similar service there.
TownPagesNet.com is the operator of TownPages,
a service that provides local information to towns and cities
across the UK.