YuuZoo announced Friday that it had made a second equity investment in Ryan Kavanugh’s Relativity Holdings Media worth at least $15 million and up to $150 million.
The Singapore-based e-commerce company last month acquired a 33.3 percent stake in the 12-year-old company that emerged from bankruptcy in March, as TheWrap exclusively reported.
“We now are very pleased to announce that YuuZoo and Relativity have agreed to a significantly wider and deeper partnership than originally discussed, which has resulted in a massive global content and distribution engine with presence on all the four screens that always have been YuuZoo’s vision; the movie screen, the TV screen, the computer screen and the smartphone screen,” Thomas Zilliacus, executive chairman of YuuZoo in a statement obtained by TheWrap.
Under the the terms of the deal, Relativity will market the YuuZoo platform in the U.S. as a master franchisee and introduce the company and its products and services to all its domestic and international partners, per Business Times.
In addition, Kavanaugh will join the YuuZoo board and YuuZoo executive chairman Thomas Zilliacus will join Relativity’s board.
“The proposed equity investment is in line with the company’s business strategy to add high-quality media content for distribution through the company’s ‘YuuZoo’ social e-commerce platform and for online and mobile payments to be made using the company’s ‘YuuPay’ payment system,” the company said in a statement.