Kamera Acquires Ledstiernan's Portfolio Company Hotvision.Business Editors
STOCKHOLM, Sweden--(BUSINESS WIRE)--June 20, 2001
Kamera, Europe's leading Internet TV (1) Watching TV programs on or from the Internet. There are countless video clips available on Web sites for streaming as well as subscription services that offer TV programs and movies for downloading. Company, merges with its biggest competitor in Sweden.
Kamera will acquire Hotvision, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. a letter of intent that has been signed between the two parties. The deal will be made by an exchange of shares, where the owners of Hotvision (Ledstiernan and the entrepreneurs) will receive 20% of the shares in the new company Kamera Holding AB. Also, the owners of Hotvision has an option to purchase 5% in the new company. Ledstiernans ownership in Hotvision corresponds to 32.5% and has invested a total of MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm)
MSEK Million Swedish Kroner 7.5. After the merger Ledstiernan's ownership share will amount to 6.5% in the new company.
"We hope to have the deal signed within the next few days," says Kamera CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dan Willstrand. "Hotvision has great editorial and creative experience. By merging with them we can create a very interesting offer for all companies who want to start their own TV channel on the Internet Internet
Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the ."
"This deal makes us without question the largest company on the Swedish market. The combination of skills from each company makes a perfect match. Kamera's technical competence technical competence,
n the ability of the practitioner, during the treatment phase of dental care and with respect to those procedures combining psychomotor and cognitive skills, consistently to provide services at a professionally acceptable level. combined with Hotvision's experience in TV journalism makes the offer towards the market incredibly strong," says Fredrik Ohlsson, MD of Hotvision.
In connection with the deal Kamera will be divided into two companies. The first will focus on the media solutions (Kamera), and the second on the corporate communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. sector (Kamera Communications). The purpose is to streamline the organisation and increase our focus on core products. Kamera's media operation will provide solutions for media companies to monitise their content assets in the Internet powered arena. One example is the British docu- soap Cruel Summer, where the Internet platform is based entirely on a solution from Kamera. For the corporate market Kamera Communications, together with Hotvision, will continue to offer creative solutions for corporate communications through Internet TV.
"We see that as the market's knowledge of Internet TV has grown, the demand for specialist competence has increased. By creating two companies with such clear specialties we will keep our leading position in both areas," says Dan Willstrand.
Jonas Hultkvist, Fredrik Ohlsson and Pieter Tham who founded Hotvision will become part of the management of Kamera Communications AB.
As a result of the market slowdown For articles with similar titles, see Slow Down (disambiguation).
A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. and the change of focus, Kamera will also reduce staff. In total, 8 people in Sweden will loose their job. After the above changes have been made, the Kamera group will consist of Kamera Holding AB, which owns 100 percent of the daughter companies Kamera (media solutions) and Kamera Communications (corporate communications).
Final decision regarding the acquisition of Hotvision will be taken at Kamera's Annual General Meeting.