SYDNEY, 16 August 2016 – MOKO Social Media (NASDAQ: MOKO and ASX: MKB) (MOKO) today announced a strategic agreement and transaction with Competitor Group, Inc. (CGI), under which CGI will acquire RunHaven, MOKO’s running website and social media assets for an undisclosed amount.
MOKO and CGI have also entered a marketing alliance in which they will facilitate introductions to each other’s partners to explore potential sponsorship and media opportunities.
CGI is a San Diego-based sports media and marketing company that creates content and events targeting active lifestyle consumers. CGI owns and operates the Rock n’ Roll Marathon series, which annually features 30 events worldwide, and publishes four premiere media brands, including Competitor and Women’s Running.
MOKO CEO Mr Shripal Shah said, “This places RunHaven in the hands of the most competent and successful media and content producer in the sport of running, and incentivizes both companies to find creative ways to access and provide value to new potential sponsors.”
CGI SVP of Media John Bradley said, “RunHaven has a rich well of content that will not only bolster our standing as a go-to resource for runners but will also give us a new voice and perspective. We’re thrilled with this addition to our running brands.”
Download press release here.