Singapore-based Gems TV Holdings Ltd., the parent company of defunct retailer Gems TV, has finalized the purchase of 32.7% of one-time on-air rival Jewelry Television.
According to National Jeweler, Gems TV invested $60 million in cash, inventory and assets of Jewelry Television.
The multimillion dollar investment includes a $10 million cash payment, a $10 million promissory note, about $20 million in jewelry and gemstone inventory, and $20 million in intangible assets, such as proprietary technologies, brand and domain names, nearly 15,000 custom jewelry designs and the Web property ThaiGem.com.
"This transaction represents a positive scenario for both of our organizations," said Jewelry Television CEO Tim Matthews. "The Gems TV investment greatly enhances our balance sheet and enables JTV to fast track our aggressive growth plan with one less major competitor. We will also gain access to proprietary technologies and human capital that represent great value."
Gems TV Chairman Jason Choo said the transaction "allows Gems TV to reinvest the assets and intellectual capital developed since its inception."
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