from Paid Content - http://finance.paidcontent.org/paidcontent?GUID=5041707&Page=MediaViewer&Ticker=RGRP
"On March 30, 2008, ROO executed various individual share purchase agreements with the shareholders of Sputnik Agency, in a process that once completed should provide the Company a 100% ownership position in the subsidiary entity. The all-in cash cost to ROO for the buy-in of Sputnik (including consummation of the Company's original 51% ownership) will be approximately $4.0 million, to be paid by April 30, 2008. Sputnik Agency reported 2007 revenues of $5.2 million and an operating profit of $371,000. "
"The integration of Sputnik and ROO Media Services will strengthen our operations by bringing our online video enablement and interactive marketing solutions under one product offering. By offering a single source solution we will be able to better serve current and prospective clients."
On the name change ...
"The ROO name has served the Company over time, but the team felt that the integration of Sputnik and ROO Media Services represented a good time to introduce a fresh, new brand. The 'KIT Digital' brand underscores my commitment to our success, and reflects in part the changes made since KIT Capital's involvement in the Company several months ago."
The name change is effective April 7.
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