JumpTV, Neulion set to merge
Charles Wang will be chairman, wife to be CEOBANFF, Alberta -- Canadian webcaster JumpTV is merging with Charles Wang's NeuLion Inc. in a bid to create an IPTV powerhouse.
Toronto-based JumpTV, which is publicly traded, said Monday that it has a letter of intent to issue 49.5 million shares worth around CAN$40 million ($39 million) to Neulion shareholders in exchange for securities from New York-based Neulion.
Wang, founder and former CEO of Computer Associates, will be chairman of the merged company, while his wife, Nancy Li, becomes CEO.
Scott Paterson, who founded JumpTV, will be executive vice chairman. Former eBay Canada executive Jordan Banks, who replaced Paterson as company CEO in October as part of a restructuring, will remain with JumpTV on an interim basis.
Ahead of its merger with Neulion, JumpTV has refocused on online sports and Hispanic programming. NeuLion is an IPTV provider of live and on-demand sports, international and religious programming via the Internet and TV set-top boxes.
The transaction is expected to be completed in the fall.