JumpTV rejects takeover bid

Webcaster pursuing NewLions merger

TORONTO -- Canadian webcaster JumpTV has rebuffed a takeover bid from MySpace founder Brad Greenspan as it pursues a merger with Charles Wang's NeuLion Inc.

The board of directors at Toronto-based JumpTV turned down the $12.6 million offer for 25% of the webcaster's stock, with a plan to merge JumpTV and Greenspan's LiveVideo Network.

Greenspan went public with his bid late Thursday as JumpTV held its annual shareholders meeting in Toronto.

JumpTV also announced that Jordan Banks will step down as company CEO on Monday June 30 after eight months in the post.