TORONTO – Canadian specialty service Movieola announced this morning it has reached a definitive agreement to acquire controlling interest in propellerTV, a U.K./European-wide satellite channel currently available to more than 8 million Sky subscribers.
Financial terms were not disclosed.
“We are delighted to be able to provide greater access to more viewers, across more platforms. Movieola’s premium short-form programming coupled with Propeller’s strong showing among U.K. and European audiences, makes them a fitting partner for our international expansion goals and will provide a boost in exposure for Canadian films and filmmakers abroad,” said Romen Podzyhun, president and CEO of Channel Zero, operators of Movieola – The Short Film Channel, in a press release.
“The opportunity to partner with Movieola is perfect given the growth, the demand, and the new digital platforms available for high quality short film content,” said Simon Couth, executive director, propellerTV, which also offers short form content and promises 100% original programming to its audiences.
The completion of the agreement is subject to board approval by both companies. Financial terms of the deal have not been released. Movieola and Propeller expect that the completion of the agreement will occur before the end of November, 2008.
