FlyingPig Sold To IT Media
Auckland: November 7, 2000 – The shareholders in Orion Ventures, owner of online retailer, FlyingPig.co.nz, today announced the conditional sale of the FlyingPig brand, website and trading activities to the on-line division of IT Media.
The residual shell of Orion, together with the remaining intellectual property will become a subsidiary of Orion’s majority shareholder, Pacific Retail Group (NZSE: PRG). Advantage Group (NZSE: ADV), which owned 25.44% of Orion pre transaction, and US Office Products-owned Blue Star Consumer Retailing, (18.9% pre transaction) will sell their shares to PRG (39.4% pre-transaction). On completion, PRG will hold an 89% stake in Orion Ventures together with a 10% shareholding in IT Media. The total consideration for the transactions has not been disclosed.
PRG Executive Director and CEO, Stefan Preston said Orion Ventures retained valuable intellectual property and assets, which could be used to further PRG’s own computing and Internet strategies.
Mr Preston expressed his confidence in IT Media’s ability to manage FlyingPig to profitability.
“IT Media’s growing range of successful magazines and Internet content sites are an ideal base on which to expand and grow commerce opportunities on the Internet,” he said.
”IT Media’s growing stable of properties make it strategically suited to the development of e-commerce and media over a variety of channels, putting it in a stronger position to develop a profitable business plan for on-line retail. By taking payment for the assets in IT Media shares PRG has retained a stake in FlyingPig as part of a group better suited to manage its future development.”
IT Media chairman Tim Connell said the FlyingPig.co.nz brand might appear online in search engines, directories and community and content sites.
“Offline, IT Media can create new magazine titles dedicated to key growth channels within FlyingPig, such as leveraging the current DVD database and creating a new title specifically for this niche market.
“These are exciting times for us as this deal creates a
media organisation with significant online brand equity and
Pacific Retail Group is an NZSE-listed retail company. The appliance, electronics and computer retailer has 90 stores and sales of over $360 million, trading through its Noel Leeming, Bond & Bond, Computer City and Pacific Retail Finance brands.
Advantage Group Limited, an NZSE 40 company, is a leading supplier of e-Services throughout the Asia Pacific region. Advantage employs over 400 full time people supporting customers in 15 international locations. For more information, visit http://www.advantagegroup.co.nz.
Media owns a number of publishing, Internet and television
properties. Publications include NZ Rugby World, NZ Fishing
World, Crème, Rip It Up, New Zealand Business Times;
television properties include Offside; while Internet
properties include fire-engine.co.nz, toast.co.nz and