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Iconic Labs higher as it takes over management of JOE Media Ireland

The media and technology firm, which also manages JOE Media in the UK, also said its monthly management fee has been increased to £100,000 from £50,000

Iconic Labs PLC - Iconic Labs higher as it takes over management of JOE Media Ireland

Iconic Labs PLC (LON:ICON) shares rose on Wednesday as the media firm said it has taken over the management of JOE Media Ireland following the brand's acquisition by Greencastle Capital.

The media and technology firm, which already manages JOE Media in the UK, said it will use its operational expertise together with its data and insights division, which delivers audience intelligence and sentiment, to assist campaign reporting and grow revenues.

READ: Iconic Labs clinches ad-tech commercial partnership with Glimpse Protocol

Iconic also said it intends to ensure that popular existing shows on JOE such as 'GAA Hour', 'Unfiltered' and 'House of Rugby' “continue to thrive” while developing a range of new and improved content, with new shows and fresh talent.

The company added that Greencastle has also agreed that in order to better reflect both the costs of managing the JOE Media group and the success of Iconic in managing JOE Media UK, the monthly management fee paid by Greencastle to Iconic will increase to £100,000 from £50,000 with immediate effect, while the firm’s entitlement to a 25% share of profits remains in place.

Iconic also said it is continuing negotiations with EHGOF in respect of the debts still due to EHGOF and continues to work towards a resolution which will result in the company having a conventionally funded balance sheet.

Shares in the firm jumped 6.2% to 0.015p in mid-morning trading.

Quick facts: Iconic Labs PLC

Price: 0.01269 GBX

Market: LSE
Market Cap: £4.75 m

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