Minneapolois-based iMedia Brands, owner of a range of TV networks, consumer brands and digital services, has bought 123tv, an interactive media company operating in Germany offering live and automated auctions. The consideration is an upfront $95m with a potential earnout of $50m. Last year, 123tv had net sales of $184m and has a reach of over 40m homes in Germany and Austria. Tim Peterman, CEO of iMedia Brands commented “We believe gamification of consumers’ emotion-based shopping experience is the ultimate disruption to the status quo.” The company intends to use 123tv’s proprietary technology to disrupt online marketplaces in its home US market. Gamification describes a strategy of using gaming techniques to stimulate participation and create longer term engagement.
iMedia buys 123tv
