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Listed podcasting services provider Wizzard Media has acquired Chinese company Digital International Entertainment Ltd. (known as “FAB”.)
Under the deal, Wizzard Media will take 100% of FAB shares in exchange for 49% of Wizzard’s outstanding shares. FAB will also gain two board seats and FAB’s founder and CEO Zhang Hongcheng will become chairman of the combined company’s board.
Beijing based FAB sells DVD’s, Blu-ray Discs, music CD’s, video games and downloadable digital content through three distribution channels – wholesale and retail, vending kiosks and internet stores.
“We have been looking for the right international partner to help grow and monetize our digital media distribution business and with FAB we have found a high-growth company with outstanding leadership and innovative technology products uniquely positioned in the world’s largest consumer market,” Wizzard Media CEO Chris Spencer said in a statement. “FAB is in the process of leveraging its well-known and reputable retail media brand into a growing online and kiosk-based media distribution network. The best way to describe FAB is – Best Buy meets iTunes meets Redbox. We believe FAB has the opportunity to dominate mobile digital entertainment delivery throughout China as it currently does through its wholesale and retail media distribution business.”
