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.
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by RTT Staff Writer
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