Canada's NeuLion to buy sports webcaster
$7.4 mil deal for Interactive Netcasting SystemsTORONTO -- Canadian webcaster Interactive Netcasting Systems has been acquired by on-demand sports webcaster NeuLion Inc. as part of CAN$8.1 million ($7.4 million) cash and stock deal.
As part of a sales agreement unveiled Tuesday, Interactive shareholders will secure six million shares of NeuLion, CAN$2.5 million ($2.3 million) in cash and one million warrants to acquire NeuLion common shares at $1.80 each.
Interactive makes software tools for broadcasting video content over the Internet (IPTV). Its biggest market is junior hockey leagues across Canada. NeuLion already streams online National Hockey League and American Hockey League games.
New York state-based NeuLion, which targets North American sport fans with on-demand webcasts, expects the deal for the Canadian software maker to close on Nov. 1.