OSLO—Vizrt Ltd. has entered into an indicative non-binding term sheet with TV2 Gruppen AS to purchase of all of the issued share capital of Mosart Medialab AS.
Mosart automates TV production tasks through software, enabling the creation of complex production with a few operators through an interface. Mosart takes input from the newsroom computer system to control systems and devices, while humans remain in control.
“Mosart’s technology is a perfect complement to our smart workflow solutions, and will enhance our offering to broadcasters on a global scale,” Vizrt CEO Martin Burkhalter.
Vizrt at the closing of the transaction will pay approximately US $17.6 million. The sellers also have an earn-out mechanism should the revenues for the years 2013, 2014 and 2015 exceed certain thresholds.
As part of the transaction, TV2 Gruppen AS shall continue to be granted a license for Mosart’s software, in accordance with the current annual license fee charged by Mosart, for 7 years.
Assuming the due diligence review is to Vizrt's satisfaction, subject to board of directors’ approval, agreement on transaction documents, including a final share purchase agreement and receipt of all required approvals, including regulatory approvals, the parties aim to conclude the transaction by Dec. 31.
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