There is an interesting line in a number of privately circulated private placement documents from the Oliver Mcintosh-led Verticast Media Group Limited.
The line reads, “To assist with the Acquisition of traditional media company and the Broadcast Rights of the English Premier League for 2023 – 2026 and the FIFA World Cup 2022.”
The “To assist with the Acquisition of traditional media company” is what got our attention. So, we started to ask around, tapping into people we knew would have some insights into this potential deal. We asked them which traditional media company this could be, and the name that kept coming up was CVM TV.
So, we probed further, why the Michael Lee Chin majority owned and controlled CVM TV?
Several people said to be somewhat close to Oliver Mcintosh claimed that he has always held the desire to acquire and operate a free-to-air media outfit and CVM TV would be a perfect fit for what he is embarking on with Verticast Media Group.
Based on comments placed by Mcintosh already in the public media we know that he has already acquired the Broadcast Rights of the English Premier League for 2023 – 2026 and the FIFA World Cup 2022. So, the insertion of this line may be an attempt to deficit attention or he has not paid for the rights yet and now seeking the funding. Given the highly competitive nature for the rights acquisition we suspect that he has already secured these rights by way of loans or debt financing and now looking for the funds to pay them off.
Given this context, the question now is which traditional media company is Oliver Mcintosh seeking to raise at least US$49M for, with the option to upsize if the market responds favourably. He is doing this by way of several instruments, including.
- US$26M Secured US$ Fixed Rate Bond
- Private Issue Of Ordinary Shares Up To US$13.2M
- USs$9M Convertible Preferred Shares
He also intends to execute, as a possible exit for early investors, an IPO within 36 months after the Issue Date and apply to list its shares on the Jamaica Stock Exchange.
So how does CVM TV fit into Oliver Mcintosh’s grand plan? Let’s look at what CVM TV has to offer….Part 2
VertiCast Media Acquires CVM-TV from AIC Barbados
AIC Barbados Limited (“AICB”) announced the completion of the sale of CVM Television Limited (CVM-TV) to VertiCast Media Group Ltd. (“VertiCast”). Upon closing, CVM-TV will become a subsidiary of VertiCast. Purchased by AICB in 2006, CVM-TV is one of two 24-hour free-to-air broadcasters in Jamaica providing islandwide coverage.
Mr. Michael Lee-Chin, Chairman of AIC Barbados Limited, expressed that “Our mantra is ‘prosperitas cum curitate’ which means ‘doing well by doing good’. CVM TV is an essential part of the fabric of Jamaica and we have been privileged to steward it over these past several years. We believe VertiCast is the perfect fit to carry on CVM’s expansion regionally.”
CVM-TV adds reach and diversification to VertiCast’s existing broadcast network that includes the regional sports channels CSport and CSport2. The acquisition creates significant value and strengthens VertiCast’s revenue base by providing national reach for its content and the opportunity to tap into the national advertising market across Jamaica.
Olly McIntosh, VertiCast President & CEO, expressed that, “VertiCast’s acquisition of CVMTV is another step in our strategic vision to create a truly regional media company with unprecedented regional and intra-island reach. CVM-TV creates significant operational and strategic value for VertiCast, allowing centralized distribution of multiple channels over-theair, on cable television and through its recently launched app. In the coming days we will announce immediate, unprecedented enhancements to CVM-TV programming.”
VertiCast broadcast rights includes FIFA World Cup Qatar 2022, England’s Premier League, the NFL, all national team football from Europe and EURO 2024/2028 across the Caribbean.
CVM-TV programming broadcast across Jamaica includes its staple morning show and evening news as well as ISSA Schoolboy Football and the Jamaica Premier League.
Shamena Khan, CVM-TV CEO, expressed that “having transformed CVM-TV to a fully HD broadcaster that is a leader in the media space, we depart with enormous pride in the legacy of developing a transformative, committed and talented team of individuals and a profitable media entity. I thank the staff of CVM for their efforts and contributions over the years. We are certain that VertiCast will continue to lead CVM’s expansion with its strong and experienced management team.”
The transaction has received the approval of the Broadcasting Commission of Jamaica (BCJ). VertiCast was advised on the transaction by JMMB Securities Ltd., Granderson Des Rochers, LLP (Los Angeles) and Samuda & Johnson, Attorneys-at-Law (Jamaica).
Strategies for Building Customer Loyalty
Building customer loyalty is hard, but it is one of the most important things for your business. To increase customer loyalty, it can cost nearly seven times more to acquire new customers than to keep existing customers.
There’s a lot of information on how you can build customer loyalty and retain more customers, so instead of reinventing the wheel, here a few strategies you can incorporate into you business:
Let Customers Know What You Are Doing For Them
This can be done via a quick informal phone call or a friendly email newsletter – either way, you want to subtlety let your customers know about all the work you have been doing for them. For example, you may have spent part of your weekend fixing up a few problems for a customer – you can hint about this when you follow up the next week. It’s important to realize you are not being cocky here; you are simple letting them know you value their business and are willing to go the extra mile for them.
Pass On Information
If you read an article, see a new book, or hear about an organization that a customer might be interested in, drop a note, share the information on social networks or make a quick call to let them know.
Strive To Empower And Educate Your Customers
“Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for a lifetime.”
Become your customers go to adviser on all things relating to your industry. For instance, if you’re in IT, be their IT Guy. Help them with choosing the best mobile plan; let them know about upcoming compliance regulations. Go the extra mile.
Make Customer Retention A Priority
This may seem pretty obvious, but I’m serious. Make a commitment to put customer retention at the top of the list. If you spent as much time building customer loyalty and retaining customers, as you did acquiring new customers, you’d have the world’s best advocates and a 100% retention rate.
Understand The True Purpose Of Marketing
Effective marketing is about building trust and developing relationships. Too many times people think marketing is just to push a bunch of advertisements and they will come. Well, it’s not that easy. The purpose of marketing is to ‘create and maintain a strong feeling with customers so they are mentally predisposed to continually choose and recommend you’. Building customer loyalty is about building trust and developing relationships – it’s all interlinked.
Focus On Integrity, Which Leads To Trust And Loyalty
Integrity involves fundamental behaviors such as keeping your word, being honest, providing a consistent level of service, and being reliable. Businesses that demonstrate a high degree of integrity are seen as trustworthy.
Building trust requires businesses to continually put customer’s interests ahead of their own. Customers will see this, and you will earn their trust and go a great distance to building customer loyalty.
Create Enlightening Experiences
A successful business is about more than just selling stuff. It’s about selling experiences. Focus on making the customers feel good, and do this by not charging for every add-on. Customers want to walk away with an experience, an experience that will keep them coming back for more, and telling their friends about it. This will go a long way to building customer loyalty.
When You Do Wrong, Make It Right
Resolving customer complaints is the best way to build customer loyalty. By handling complaints in a professional manner, you earn the opportunity to fix the problem and regain customer trust. In doing so, you engage your customer on an emotional level. Providing you resolve the problem, your customer now has a very unique experience with you, and you have shown first hand your willingness to recognize the problem and go out your way to ensure it is fixed and won’t happen again. Customers love this.
Yanique Grant is the Founder, President and CEO of Professional Training & Occupational Services Ltd
Our Vision Is To Increase Viewership By Allowing Content To Be Broadcast On A Combination Of Traditional Media That Doesn’t Require Any Premium Service Or Premium Access.
This Emphasis On Expanding The Availability Of The Product Was Key To O Ur Successful Bid To Secure The Highly Coveted Rights.
“What our vision is, is to distribute and present that content in ways that it hasn’t been done in previous times to a much wider audience. So, by way of example, when I say that I mean that, you know, content like the Premier League and other premium content like that has only been available to a smaller percentage of the market, not the wide market, because of how it was broadcast. Our vision is to increase that viewership by allowing it to be broadcast on a combination of traditional media. By broadcasting on traditional media that doesn’t require any premium service or premium access as well as on premium services.
In addition to that, you know, we are building our own digital media offering and our own architecture behind that. So, the way that we will offer it to the public, We think will not only drive uptake in digital media, but also drive the audience on digital media.
“We believe VertiCast is ideally suited to show Premier League matches across the Caribbean and fans will benefit from VertiCast’s broad distribution plan across multiple platforms. VertiCast will help us to maximise reach and viewership and to further grow the Premier League fan-base in the region.” Paul Molnar, Premier League Chief Media Officer
We’re definitely not moving away from pay-TV or our premium services. What we’re looking to do is compliment the way it’s done currently. So, we just think that combination of traditional media alongside pay-TV, cable and trying and structuring a way on digital media that allows for the average person to view the Premier League and you know that doesn’t take place as much as it should right now. And we think we have come up with some ways that we can do that. We have certain dynamics here in the market that precludes us from broadcasting it or making returns on it like they do in the UK or in Europe or the US, right? We don’t quite have the distribution infrastructure that they have there. We don’t quite have the economy that they have there. We don’t have the fanatical fan base that they have there. So, you know, we have figured out ways that we think we could enhance what’s currently being done.
“VertiCast is a vertically integrated media company that will incorporate broadcast across all media platforms into multiple markets in the Caribbean. A regional media entity with the intention to broadcasting over traditional media, cable television and digital media via streaming and mobile via partnerships and on its own channels.”
Within the media industry as you know, everything is founded on strong content. Obviously, the ways of distribution have diversified and increased over time. But the first step is always to make sure you have the right content. The announcement we made this week about the Premier League rights is a step in the direction for us to make sure that we first have the, you know, the most in-demand content.
I think for too many years, we have been looking at broadcasts in silos. That is, you know, there is free to air and then separately there is pay TVs that’s cable and then separately there is radio and then separately there is digital media, right. And, as you said, a lot of the traditional media or even the cable media has been reluctant to get into the digital media. How am I going to make a return on that in isolation? Our view is that you can’t do it in isolation. You have to treat it almost as a convergence of media, and how do you make one compliment the other? And that is our approach. Our approach is that we’re not going to operate in silos. We’re going to seek to have traditional media benefit off of digital media, and vice versa digital media benefit from traditional media.
A major emphasis of ours is going to be to continue working with local producers, the IPPs (Intellectual Property Producers) around the region, and when I say work with them, it doesn’t mean you know, we say to you okay, come in and present your content that will decide if we show it or not, or we’re going to rent your airtime. A major emphasis of ours is going to be IPPs typically don’t have enough production resources to really complete their content packages.
What we will do is we will work with a lot of the IPPs by providing them with certain resources that they can then utilise to complete their productions and content packages. So that it becomes a certain quality that then can be broadcast on our platforms. So, so we will spend a lot of time working to curate local content and helping producers to curate local content.”
VertiCast is aiming to serve content to a market of nearly 45 million people in over 26 countries including the English-speaking Caribbean, the Dominican Republic, and parts of South America. The multi-platform company has reportedly secured support from major content providers which the company will rollout over the next couple of weeks.
Oliver McIntosh President And CEO VertiCast Media Group Ltd
Do 18 to 34-year-old’s Care About Feel Good Marketing?
It is a common practice for both television stations in Jamaica to carry product promotion features in their morning shows. In most cases, the promotion is formatted as a regular interview feature with some incorporating product displays and demonstrations. On a general level it is a good idea to get one’s brand and product integrated in the morning shows the way it is done. On the other hand, I have serious doubt that the intended effect of the promotions is generally realized.
A regular approach of the brand representatives is to overwhelm the interviewer and by extension television audience with their knowledge of the product. They make very strong points about what the products can do and how they are used. Very little is said about who the product is intended for and the precise problems that are being uniquely solved for this target market. Interestingly this has been the approach to product promotion in Jamaica for last thirty years.
The fact is, things and times have changed. There is presently an 18 to 34-year-old cohort that are behaving in ways distinctly different from that same age demography twenty years ago. Not only are they the largest generation by population size, which has tremendous influence on their role as leading consumers today, but the environment in which they were raised has cultivated an entirely new approach to their values and way of life.
These 783,000 individuals grew up in an age of technology and global connections. They have an unlimited access to diverse knowledge, ideas and experiences. What is the relevance of this to the point of how products should be promoted to them? It matters in that this is a generation of ideas and personal choice. This generation of individuals is demonstrably independent and assertive. They relish making their own decisions and customizing things to suit their values, and desires.
Local companies seem not to be taking note of the emergence of this highly influential consumer group. If they have, then their marketing strategies do not confirm it. It is very important that local marketers move quickly to acquaint themselves with their behaviour and interests. All this must take place in the context of the huge role that the Internet and social media play in their lives making them primarily about social status and sharing their personal information with others.
Given the emergence of this new generation of consumers, brands can no longer be just about creating a positive brand experience. They must create a positive and shareable brand experience that facilitates the social sharing of their consumers. This means brands need to give consumers a platform to spread the word about their products. This is particularly so since the new generation of consumers have a network size that is as much as 4 times that of any generation before them.
This takes me to my initial point based on my observation of how product promotions are being done with the focus being on what the product is and what it can do. This new 18 – 34 year-olds seem to be deeply rooted in internal feelings. They are big on feelings relating to such values as loyalty, happiness and authenticity. Their motivation to do things is based on how it will make them feel rather than what the product can do.
A new Guinness international campaign appears to get it right as it seems to be directed at the viewers’ emotions in their feel-good “friendship” television commercial. This 60-second spot feature six friends playing wheel chair basketball. A twist at the end reveals that only one of them actually needs the wheel chair while his friends all get up from their wheel chairs and walk to a bar for a post basketball stout. The commercial inspires the loyalty and enjoyment of friendship with and added value Guinness stout.
Rather than telling the audience what their product is, Guinness captures an intimate moment between friends while being sure to keep their product at the center of it all. There is clear evidence that this approach of marketing to emotion was a great success with the spot receiving over 7 million views on YouTube in a month. The lesson here is, get this generation to feel good and they will want to share your brand with everyone they know. That’s marketing that feels good and goes viral.BM
By Ronald Sutherland
Taking Stock – Tyrone Wilson, CEO of iCreate Speaks About The Visual Vibe Acquisition And The Way Forward
Acquisition of Visual Vibe.Com Limited by iCreate Limited
iCreate Limited (“iCreate”) is pleased to announced that the Company has signed an Agreement for Sale of Shares dated June 28, 2022 for the acquisition of 100% of the shares in Visual Vibe.Com Limited (“Visual Vibe”). Visual Vibe has been the leading video board advertising company in Jamaica over the past fifteen (15) years and continues to provide quality service to its clients. Pursuant to the said Agreement, iCreate has paid the requisite deposit and the transaction is expected to be completed within the coming months. iCreate will also be funding this acquisition by way of a pending Rights Issue.
The acquisition of Visual Vibes by iCreate fits squarely within its Merger and Acquisition strategy towards building out its vision as the leader within the creative and digital economies in Jamaica and the wider Caribbean region. This acquisition comes on the heels of the Company’s successful holding of its Extraordinary General Meeting on May 27, 2022.
iCreate’s stock price hit an all time high of 3-dollars in April, following several big announcements. They’ve acquired a majority stake in E-Commerce Company, GetPaid….
And been approved by the Development Bank of Jamaica as a Business Development Organization. And we hear they have some more big news coming up! Founder and CEO Tyrone Wilson will join us!
“Visual Vibe is the largest digital outdoor advertising company in Jamaica. It was started in 2006 by businessman Ali McNab. The company has a very strong revenue stream, very strong profit and a very strong free cash flow, even through the pandemic. We are very excited about that because it will bring us to having a very solid company and help us along the way to being the GraceKennedy of creative companies in Jamaica, and help to provide strong returns to shareholders. Visual Vibe has some very good locations in terms of billboard spaces. The big screen in the middle of Half-Way-Tree where Jamaicans gather to watch Olympics and World Championship is a Visual Vibe board. With a location like that owned by iCreate with our content creation capabilities, will give us the opportunity to use it for some unique content to engage people there and across Jamaica at the other locations. So our focus from day one will be developing a content strategy that will bring eyeballs to the screens on a consistent basis.”
Tyrone Wilson, CEO of iCreate
Trinidad Based CinemaONE Banking On 2023 Rights Issue To Position Newfound Growth As It Pragmatically Pursues Strategic Opportunities.
Sygnus Real Estate Finance To Consider First Dividend Payment In 2023, As J$3.70B 9-Storey One Belmont Commercial Tower Corporate Office Development Over 74% Completed.
Mayberry Jamaican Equities Reporting Supreme Ventures, GraceKennedy, Jamaica Broilers, Lasco Distributors and Lumber Depot As Largest Contributors To Portfolio’s Dividend Revenues For Year
Will Oliver Mcintosh’s Verticast Media Group Acquire CVM TV From Michael Lee Chin? Part 1
The Businessuite Skin Index – Explained
What Does Seprod’s Acquisition of Trinidad Based A.S. Bryden Have to Do with CEO Richard Pandohie’s Single Domestic Market Strategy?….Part 1
Jeffrey Hall Is Set To Be One Of The Most Powerful Men In Corporate Jamaica And The Caribbean. So, Who Is He?
A conversation with Marcel Anderson Group Chief Executive Officer and CTO at KYO Group on the disruption they are bringing to International Fast Cargo Transportation from the United States to Jamaica.
A conversation with Paul Francis Head Coach at MVP Track and Field Club on the disruption they are bringing to International Track and Field high level performance
RANKING9 months ago
The Businessuite Skin Index – Explained
Businessuite Markets9 months ago
What Does Seprod’s Acquisition of Trinidad Based A.S. Bryden Have to Do with CEO Richard Pandohie’s Single Domestic Market Strategy?….Part 1
Businessuite News248 months ago
€7-Million Grant For Women In Business And MSMEs
Feedback & What You Think10 months ago
Which Company Has The More Sustainable Business Model….Edufocal or ICREATE and Why?
Marketing & Advertising8 months ago
How Much Is CVM TV Worth?..Part 3
Marketing & Advertising8 months ago
How Does CVM TV Fit Into Oliver Mcintosh’s Grand Plan? Part 2
Businessuite Women8 months ago
Businessuite Power 50 Women in Jamaican Business for 2023
Leadership Conversations1 month ago
In A Classic Case of Global Gamesmanship Jeffrey Hall Reverse Engineered A Takeover Of PanJam To Create Pan Jamaica Group and Secure a 30% Stake In Sagicor Group Jamaica In One Move.