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News - Detailed News Story

YuuZoo drops investment in American movie studio

02 Mar 2017 09:00

By Jacquelyn Cheok

YUUZOO'S much-hyped, recently-announced investment of up to US$150 million in American movie studio Relativity Holdings Media has been called off.

The mainboard-listed social networking company announced on Tuesday the cancellation of its planned equity investment, saying "inter alia, conditions precedent to the investment had not been met".

In a filing to the Singapore Exchange, YuuZoo added that it "regrets the missed business opportunities" but looks forward to liaising with new partners who can contribute to its growth and development.

YuuZoo had in November said that the proposed investment in Relativity was in line with its business strategy to add high-quality media content for distribution through its social e-commerce platform. Under the agreement, Relativity will also market the YuuZoo platform in the United States as a new US master franchisee of YuuZoo, and introduce the company and its products and services to all its domestic and international partners.


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Source: Business Times
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