DLA Piper advises Iconic Labs on services contract for JOE media
DLA Piper has advised Iconic Labs Plc, a multidivisional new media and technology business, on its entry into a management services contract with Greencastle MM LLP (Greencastle Capital), which has at the same time, completed the acquisition of the JOE media UK business out of administration.
Under the terms of the management services contract, Iconic Labs will manage all operational and commercial aspects of the JOE media business and will be paid a monthly management fee and in addition shall receive 25% of all profits if certain revenue and profit targets are met.
A DLA Piper team from the Sheffield office, led by Corporate partner Rob McKie, also advised Greencastle Capital on its acquisition of the JOE media UK business, which includes the House of Rugby show - the most watched Rugby show in the world (aside from live matches) and which is sponsored by Guinness - out of administration.
Rob McKie also worked closely with DLA Piper’s Dublin office who advised Greencastle Acquisition Limited (an affiliate of Greencastle Capital) on its acquisition of Maximum Media Network Limited (MM), which operates the JOE media business in Ireland, out of examinership. Completion of the acquisition of MM is conditional on successful Irish Media clearance. The DLA Piper team in Dublin was led by Corporate partner Éanna Mellett alongside Finance partner Conor Houlihan, legal director Liam Mills (finance) and senior associate Darach Connolly (Litigation & Regulatory).
JOE Media is one of the most recognisable digital publishing brands in the UK and Ireland which is respected for its coverage of news, sports and politics. Greencastle Capital, alongside Iconic Labs with its commercial expertise in this area, have plans to invest in the business in a focused way to ensure the long-term sustainable growth of JOE Media.
John Quinlan (CEO of Iconic Labs) commented: “The Joe Media deal is an extremely important one to Iconic Labs. Rob and the team were a great source of advice and of support during a complex process and played a key role in helping us get the deal done.”