IC Places Signs LoI To Acquire Punch Television Networks

6/15/2012 3:10 PM ET

IC Places Inc. (ICPA.OB) announced that it has signed a Letter of Intent to acquire Punch Television Networks.

As per the agreement, IC Places will acquire all the assets of Punch TV Network including all Television Station Licenses, All re-broadcast agreements, rights to all television shows on its roster and all current advertising contracts.

The finalized deal is expected to close the first week of July 2012. Upon completion Joseph Collins, president of Punch TV Network, will join IC Places in the capacity of CEO and sit as joint Chairman of the Board with IC Places' current President and Chairman, Steven Samblis.

Collins will focus on continued expansion of the TV network while Samblis will focus on expansion of the New Media area of the business.

Click here to receive FREE breaking news email alerts for IC Places Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 163 Articles Next>>

Editors Pick

Fed Concerns Contribute To Lackluster Session On Wall Street - U.S. Commentary

There was a mixed performance on Wall Street on Friday. Shares suffered an early decline, as investors continued to express worries about the Federal Reserve. A recovery through the rest of the day allowed the Dow to edge into positive territory by the close. The Nasdaq and S&P 500 posted fractional losses.

Stocks Come Under Pressure Amid Worries About The Fed - U.S. Commentary

Stocks have shown a notable move to the downside in early trading on Friday amid lingering concerns about the outlook for the Federal Reserve's asset purchase program. The major averages have slid firmly into negative territory, adding to the modest losses posted in the previous session. The major averages are currently posting notable losses, near their lows for the young session.

U.S. Durable Goods Orders Rise 3.3% In April, More Than Expected

After reporting a sharp drop in new orders for manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than anticipated in the month of April. The report said durable goods orders surged up by 3.3 percent in April after tumbling by a revised 5.9 percent in March.