Satellite service provider SES today announced the completion of its acquisition of RR Media (NASDAQ: RRM), a provider of media services to the broadcast and media industries. The acquisition was announced in late February 2016, but had been pending closing conditions and regulatory approvals. RR Media’s shares ceased trading on the NASDAQ today.
As indicated in the original announcement, SES is merging the operations of RR Media with its Platform Services group to create a larger global media solution provider. The new combined group will operate under the trade name MX1. Avi Cohen, the previous CEO of RR Media, will serve as the CEO of MX1.
The press release announcing the new trade name highlights the origin of MX1 from the below statement.
“Bringing it all together for the first time, MX1 aims to be the new number 1 in Media eXperience.”
SES’s new MX1 subsidiary will have 16 offices worldwide and six media centers. MX1 is now responsible for distributing more than 1,000 TV channels, managing 440 channels of playout, and delivering content to over 120 subscription VOD platforms.
MX1 and SES’s HD Plus subsidiary will constitute the SES Media Solutions group led by Wilfried Urner. HD Plus is a HD satellite TV offering in Germany.
Mr. Urner commented on the acquisition as follows, “We are confident that the new MX1 will leverage the expertise and success they have garnered in their respective key markets to expand their product portfolio. The addition of MX1 to the SES group is a first step in globalising SES’s video services business and in accelerating the completion of our goal to become one of the leading next generation media service providers”
Avi Cohen, CEO of MX1, added, “This is an exciting day for us as we introduce a new company to the industry and our new brand name and logo…This merger allows us to scale-up on a global basis and become the world’s leading media services provider, delivering next-generation digital video and media solutions to our worldwide customers.”
Press Release: SES Press Release on Completion of the Acquisition
Press Release: MX1 Reveals New Company Brand as a World-Leading Media Services Company
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