Iconic Labs PLC (LON:ICON) said it has signed a management services agreement with Irish publishing brand Lovin’ Media following its acquisition by Greencastle Acquisition Limited.
The media and technology firm said it will take over responsibility for all operational and strategic management of Lovin’ Media with immediate effect, and that it will be paid a monthly management fee of £10,000 plus external costs as well as 25% of all profits if certain revenue and profit targets are met.
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Based in Dublin, Lovin’ Media is best known for its lifestyle and entertainment content specifically focusing on things to do in Ireland and in particular the capital city. Iconic said the brand is “an ideal addition” to its portfolio which includes JOE and Her.
Iconic said it intends to invest its resource and knowledge to help scale the business and revenues and build successful content and the brand.
"This new management services contract sits perfectly with our existing contract to manage JOE and Her. At the same time as enabling synergies across the businesses in certain functions, Lovin' Media provides us with a complimentary and exciting brand to discuss with clients”, Iconic Labs chief executive John Quinlan said in a statement.
“We will also apply our tried and tested methods to increase reach and revenues and look forward to successfully growing Lovin' Media alongside JOE and Her", he added.