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Magazine > Industry News > News Content

Gems TV buys stake in Jewelry Television

7/11/2010 10:33:49 PM

Knoxville, Tenn.--Singapore-based Gems TV Holdings Ltd., the parent company of defunct multichannel electronic retailer Gems TV, has finalized the deal that allows it to acquire a stake in one-time on-air rival Jewelry Television.

According to Multimedia Commerce Group (MMCG), the company that operates Jewelry Television, Gems TV Holdings Ltd. invested $60 million in cash, inventory and assets in exchange for up to 32.7 percent of shareholding interests in Jewelry Television.

The $60 million investment includes a $10 million cash payment, a $10 million promissory note, about $20 million in jewelry and gemstone inventory, and $20 million in intangible assets, such as proprietary technologies, brand and domain names, nearly 15,000 custom jewelry designs and the Web property ThaiGem.com.

"This transaction represents a positive scenario for both of our organizations," said Tim Matthews, chief executive officer and president of Jewelry Television. "The Gems TV investment greatly enhances our balance sheet and enables JTV to fast track our aggressive growth plan with one less major competitor. We will also gain access to proprietary technologies and human capital that represent great value."

Gems TV Chairman Jason Choo said the transaction allows Gems TV to reinvest the assets and intellectual capital developed since its inception.

MMCG also announced the successful three-year extension of its bank credit agreements, which are expected to help return the company to profitability and prepare it for a public offering, according to a company release.

Gems TV's U.S. subsidiary entered the U.S. market in 2006, setting up shop in Reno, Nev., and selling colored gemstone jewelry via its 24/7 home shopping channel GemsTV, which reaches approximately 37 million viewers. The network struggled to achieve profitability, however, and went off the air in March. One month later, Gems TV filed for Chapter 11 bankruptcy protection.

According to the release, Jewelry Television is looking to incorporate Gems TV's reverse-auction programming into its existing fixed-price selling format. The network also has retained "several key Gems TV employees and on-air presenters."

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