Urban TV Network Corp (OTC PINK:URBT) Negotiates $30 Million Studio Acquisition
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CEO Collins Sets the Production Stage for Major Company Growth
SANTA FE SPRINGS, CA / ACCESSWIRE / February 1, 2021 / Joseph Collins, CEO of the Urban TV Network Corp (OTC PINK:URBT) announced that the company has entered into an agreement for $30 million dollar cash and stock to purchase the company of one of the "largest independent full-service television and motion picture production studios on the West Coast." The fully operated studio, just a thirty-minute scenic drive from the heart of Los Angeles and situated on an 82-acre backlot, is known for producing commercials and other video shoots and being the host of several major movie productions and many of the world's most bankable celebrities.
Urban TV Network Corp (OTC PINK:URBT) is setting the stage for major advancements in the industry and for forward movement. The expected close of the studio acquisition is third quarter 2021.
"I am super excited for this phenomenal acquisition and the ability to forge-ahead with the vision for URBT; this is the first step of many acquisitions URBT intends to make to enhance the company's position in the media market landscape," states Collins.
The landscape is perfect for an all-inclusive one-stop-shop. Located just outside of the Hollywood thirty-mile zone (TMZ), the studio offers the perks of a full-service television and motion picture production studio, with the ability for industry movers and shakers to create television programming, movies, music videos, TV commercials, and just about anything else that involves film or video productions.
A more edge-of-the-seat aspect of the acquisition is that the studio occupies more than 70,000 square feet of production space and offers full production and post-production facilities inclusive of 6 sound stages - complete with green rooms and space for wardrobe and makeup, 2 screening rooms, editing bays and production offices.
Collins states, "When this deal is completed, URBT will own the largest independent full-service television and motion picture production studios. This purchase will add to our revenues and increase the asset base of Urban Television Network Corp."
Safe Harbor Statement: This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition.
SOURCE: Urban Television Network
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