Hilversum, 5 September 2006 Spanish JV Extends Geographical Reach
2 Way Traffic N.V. (“2waytraffic” or “the Company”), the interactive content developer and exploiter, announced today that it has established 2waytraffic Spain through a joint venture with a leading Spanish production house.
2waytraffic Spain’s joint venture partner is Zebra Producciones SA, which has built up an extensive track record in producing entertainment programmes for major Spanish broadcasters since its launch in 2000. The initial focus for the joint venture will be to develop its Participation TV business and positioning 2waytraffic Spain as a leader in Participation TV in the important Spanish television market.
2waytraffic Spain will be led by Jose Velasco, a former Endemol Group executive, who is both founder and CEO of Zebra Producciones. Jose is a well known and highly experienced producer in the Spanish television market. Since the early 90’s he has been successfully producing and directing a wide range of innovative TV genres, including high quality daily drama, reality TV and game/quiz shows. Over the last decade Jose has also developed and produced various initiatives on the Internet and Interactive sectors such as the travel portal Muchoviaje.com as well as several online communities dedicated to dating, music and health. His TV production company, Zeppelin Television partnered with the Endemol Group back in 1996 when Jose joined both its International Board of Directors and also the Telefonica Media Executive Board. The creation of 2waytraffic Spain is consistent with 2waytraffic’s strategy to expand its operations geographically, with an initial focus on Europe and North America. In addition, Zebra’s existing Spanish client base and network will have access to 2waytraffic’s growing Participation TV format library.
Commenting on the joint venture Kees Abrahams, Chief Executive Officer of 2waytraffic, said: “The combination of 2waytraffic’s expertise in interactive entertainment content and participation TV together with the in-depth production know how, local expertise and proven track record of Zebra Producciones, makes this a winning combination for conquering the Spanish market with tailored content”.
Jose Velasco, Managing Director of 2waytraffic Spain said: “My personal experience in the TV industry has taught me to combine international leverage with local expertise. I have known Kees Abrahams and his team for a number of years and I am certain that together we can repeat the extraordinary value creation that has been achieved in the past with our approach to the TV production sector, now that the new interactive markets are undoubtedly the future of this industry”. Press Release
Under the terms of the joint venture 2waytraffic will own 30% and Zebra will own 70% of the newly incorporated company with 2waytraffic having the option to acquire a further 21% in 2waytraffic Spain in January 2009 and the remaining shares in January 2011 to be funded by a mixture of cash and 2waytraffic shares at the election of the Company. The cash consideration payable for these shares will be capped at a maximum of 10 million in aggregate and will be dependent upon performance of 2waytraffic Spain and the Company as a whole.
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