RMG’s Fitness Network Bought By Salon Network Holding Co
July 19, 2012 by Dave Haynes
Orion Equity Holdings has reached a deal to buy the assets and broadcasting agreements of RMG Network’s Fitness Entertainment Network. The deal should close within 30 days but, says a release, Orion “expects the closed transaction to be immediately accretive.”
So I looked up accretive and I still have no idea what that means.
The acquired Fitness Entertainment Network provides advertisers’ access to highly desirable, elusive audiences through some of the most attractive and engaging media opportunities available today. The network delivers broadcast advertising units within live cable television, shown in the cardio areas of health clubs across the US. Orion will add its inventory and local ad insertion technology to increase the number of impressions and allow advertisers to target campaigns regionally.
Matthew B. Stuart III, COO of Orion, says: “We are extremely excited to acquire significant digital out-of-home assets which will further position the company as a market leading provider in the digital media space.”
So who is Orion? No idea, but this is what the release says:
Orion Equity Holdings PLC is an Isle of Man holding company, publicly listed on the Deutsche Boerse (Frankfurt Open Market Exchange) (“Orion” or the “Company”) with the stock symbol ‘OR2’. Orion invests in ‘cutting edge’ digital media assets including companies in the digital out of home sector. Orion’s wholly owned subsidiaries are focused on building a prominent, multi-faceted digital media offering, which marries content consumption with retail consumption.
A little digging will lead to the conclusion that the primary business right now is:
The Salon Network is currently displayed in over 200 high-end salons in the United States streaming five channels of salon oriented content in real-time. The content is being streamed through two large 42” screens which are installed in each salon equipped with an additional ten smaller interactive screens and tablets that allow consumers to interact with the sponsored advertisement.
The company is also targeting a hospitality display network in Hawaii.
But Stuart’s background is with iVu, the big hair salon network in the UK, Europe and US. He was CTO and when it was restructured and acquired by another firm he became CEO, and now that company is Orion. The company has UK/Isle of Man ties, but Stuart is in Norwich, CT.
RMG announced a while back it was going to sell off some of its vertical assets and agreements and get focused on selling what was selling in the marketplace – travel.