The deal follows an agreement by Greencastle Capital to acquire Maximum Media Network Limited (MMN), through which JOE Media’s Irish business operates, with Iconic receiving a monthly management fee of £50,000 plus external costs as well as a 25% share of all profits if certain targets are met.
Iconic, which specialises in digital media, is already managing all operational and commercial aspects of the JOE Media businesses in the UK and will run the Irish business once the Greencastle acquisition of MMN is completed, expected within two months.
JOE Media owns the JOE, SportsJOE, Her, and HerFamily brands in Ireland, which Iconic said are “among the most recognisable brands in the Irish media landscape”, while revenues in the business have grown by 91% to €7.18mln in 2017 from €1.46mln in 2014.
"We have admired the JOE and Her brands and their output for a long time and are delighted to soon be working with them. 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”, Iconic’s chief executive John Quinlan said in a statement.
“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", he added.
The purchase of MMN and the Irish division of JOE Media follows the acquisition of the UK arm of the business out of administration by Greencastle earlier this month.
Shares in Iconic Labs jumped 6.7% to 0.013p in early deals on Thursday.
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