JumpTV losses jump in Q2
Webcaster preparing to merge with NeuLionTORONTO -- Canadian webcaster JumpTV on Monday widened its second-quarter loss as it preps for its merger with U.S. online TV service NeuLion.
Toronto-based JumpTV recorded a loss of $11.46 million for the three months ending June 30, compared with a loss of $6.5 million in 2007. Revenue jumped to $3.6 million, against a year-earlier $1.17 million, after it purchased sport properties including CyclingTV and XOS Broadband Networks, now JumpTV Sports.
In June, JumpTV rebuffed a takeover bid from MySpace founder Brad Greenspan. Now it's on track to merge with NeuLion on Oct. 1, subject to shareholder and regulatory approvals.