JumpTV wraps up NeuLion merger
Issues $33.4 mil in stock to NeuLion shareholdersTORONTO -- Canadian webcaster JumpTV said Tuesday that it has completed its merger with Charles Wang's NeuLion Inc.
As part of the transaction, Toronto-based JumpTV issued 49.5 million shares worth about CAN$40 million ($33.4 million) to NeuLion shareholders in exchange for securities from New York-based NeuLion.
Wang, founder and former CEO of Computer Associates, becomes chairman of the merged company; his wife, Nancy Li, becomes CEO; and Scott Paterson, who founded JumpTV, assumes the role of executive vice chairman.
The newly merged company also received a CAN$11 million ($9.2 million) cash injection from Wang and Paterson to help finance the refocused online sports and Latino programming webcaster.
NeuLion, which will have majority control of the newly merged entity, is an Internet Protocol TV provider of live and on-demand sports, international and religious programming.