Digital media specialist Brave Bison PLC (LON:BBSN) has ended merger talks with publisher Zinc Media PLC (LON:ZIN) and appointed Warner Television UK's Claire Hungate as its new chief executive.
Shareholders in both companies seemingly welcomed the ending of the discussions, with Bison up 10% to 1.24p and Zinc almost 12% higher at 0.95p.
In a statement, Brave Bison said both companies agreed after the preliminary discussions that joining together was not in either of their interests.
BB’ will now concentrate on its shift from a third-party technology provider to a social video broadcaster to reduce the reliance on its low margin legacy business.
Current trading is in line with management and market expectations, it added.
Hungate joins from Warner Bros Television Production UK, where she is currently managing director.
She was previously COO of AIM-quoted Shed Media PLC, before its acquisition by Warner Bros in 2010. She also runs the commercial operations of the Institute of Contemporary Arts and is head of business affairs for production company and talent agency Princess Productions.
Robin Miller, Brave Bison's chairman, said: " Claire has an excellent track record in working in the UK creative industry, alongside her digital strategy experience of forming and developing relationships with companies such as Facebook and Google.
Hungate added the focus on social video, quality content and powerful distribution places the business within one of the fastest growing segments of the industry. Content is still king and distribution has become queen.
She will join Brave Bison in September.