STV sells Pearl and Dean

Cinema advertising specialist sold for $1.60

LONDON -- Scottish-based commercial television web STV has sold cinema advertising specialist Pearl & Dean for £1 ($1.60) on a cash free, debt free basis to newly-created company Image Ltd.

Aiming to concentrate on its core broadcasting role, STV sold the theater ad company to Empire Cinemas director Thomas Anderson, who has created Image Ltd for the acquisition, the parties said Wednesday.

Pearl & Dean will continue to operate from its existing business address and all staff, including the senior management team, will move with the business.

"We are delighted that the acquisition of our business by Image gives us a firm foundation to build on as we continue to strengthen our offering to all of our exhibition partners," said Kathryn Jacob, CEO of Pearl & Dean.