Advertisement
UK markets close in 8 hours 11 minutes
  • FTSE 100

    7,728.05
    +5.50 (+0.07%)
     
  • FTSE 250

    19,467.29
    -19.24 (-0.10%)
     
  • AIM

    736.23
    -0.40 (-0.05%)
     
  • GBP/EUR

    1.1698
    -0.0006 (-0.05%)
     
  • GBP/USD

    1.2689
    -0.0040 (-0.31%)
     
  • Bitcoin GBP

    50,627.74
    -2,909.54 (-5.43%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • DOW

    38,790.43
    +75.63 (+0.20%)
     
  • CRUDE OIL

    82.50
    -0.22 (-0.27%)
     
  • GOLD FUTURES

    2,155.90
    -8.40 (-0.39%)
     
  • NIKKEI 225

    40,003.60
    +263.20 (+0.66%)
     
  • HANG SENG

    16,546.48
    -190.62 (-1.14%)
     
  • DAX

    17,936.31
    +3.63 (+0.02%)
     
  • CAC 40

    8,151.34
    +3.20 (+0.04%)
     

Media buyout firm Gloo names Vivendi boss as chairman

LONDON, Dec 15 (Reuters) - Gloo Networks (LSE: GLOO.L - news) , a shell technology company set up to acquire struggling media assets, has named the boss of Vivendi (Milan: VIV.MI - news) as its chairman, underlining the seriousness of the new firm's ambitions.

Listed on the AIM market of the London Stock Exchange (Other OTC: LDNXF - news) in August, Gloo intends to acquire and operate consumer brands in the media sector with an enterprise value in the range of 250 million pounds ($379 million) to 1 billion pounds.

The company is looking to turn around media brands that have struggled to benefit from the structural change brought by the internet.

Arnaud de Puyfontaine, the chief executive of the French media group Vivendi, will take on the role of non-executive chairman with immediate effect, providing strategic direction.

ADVERTISEMENT

"I am delighted to be joining Gloo Networks at this critical stage in the company's development, and when the structural changes in the media industry are generating a wealth of opportunities," he said.

Gloo raised an initial 30 million pounds from investors and is looking for targets in the United States, Europe and Britain. It (Other OTC: ITGL - news) is backed by asset management and corporate finance group Marwyn and other investors such as Invesco (NYSE: IVZ - news) , Standard Life (LSE: SL.L - news) , Ruffer and City Financial.

($1 = 0.6594 pounds) (Reporting by Kate Holton; editing by Sarah Young)