Thursday, November 1, 2007

Handheld Entertainment Completes eBaum's Acquisition

San Francisco-based HandHeld Entertainment said this morning it has completed its acquisition of online user generated video and entertainment site eBaum's World. In conjunction with the acquisition, the firm said it has renamed itself ZVUE Corporation, and has raised $28.1M in financing. The acquisition of eBaum's World was worth $17.5M, including $15M in cash plus $5M in ZVUE common stock; the deal also includes earnout worth up to $32.5M over three years. eBaum's World is an online web site that provides user generated videos, games, jokes, photos, and other entertainment. According to ZVUE, the financing was in the form of three yar, 7.5 percent convertible debentures.