Joseph Collins, CEO of the Urban TV Network Corp (OTC: URBT) announced that the company has entered into an agreement for a $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 being the host of the major movie productions and Hollywood’s most bankable celebrities are just a few of the notable corporate clients producing commercials and other video shoots at the studio.
Urban TV Network Corp (OTC: 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. States Collins, “I am super excited for this phenomenal acquisition and the ability to forge-ahead with the vision for URBT; this is our first step of many acquisitions URBT intends to make to enhance the company’s position in the media market landscape.”
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.
States Collins, “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.”
