Magic Media Networks, Inc. (OTCBB:MGCN) announced today that it has signed a Letter of Intent to acquire 100% of the shares of privately held Be Media - http://www.bemedia.com - of El Segundo, California, one of the nation's fastest growing systems integrators.
Magic Media intends to acquire Be Media in an all share transaction, with a definitive agreement expected in 90 days. Magic Media, through its wholly owned subsidiary Destination Television - http://www.destinationtelevision.com - owns private television/ digital signage networks Bar TV, Gym TV, and Hotel TV.
After closing the transaction, Magic's headquarters will be moved to El Segundo, California and Destination Television and Be Media will be wholly owned operating subsidiaries of Magic Media.
Read the complete press release here.
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