ROO Group plans to expand its video offerings to include secure peer-to-peer distribution, social networking, digital e-commerce and comprehensive digital rights management through a planned purchase of Wurld Media.
ROO has signed a letter of intent to purchase Wurld Media's assets for up to $10 million, to be paid in cash and ROO common stock at $4.39 per share.
Established in 1999, NY-based Wurld Media specializes in the P2P distribution of music, movies, games and TV shows The company has existing major content deals with an array of top-tier companies including 20TH Century Fox, WB, Universal, Sony, Warner, EMI, Fox Music, Fox for Movies, Atari and Activision, which are planned to continue post-deal.