Just
Action Group, international distributors for BUTT UGLY MARTIANS, has
recently merged with rights management and distribution company
Target. Just Group, which collapsed last year after CEO Wilf
Shorrocks and commercial director Paula Shorrock were dismissed, due
in part to a revision of expected revenue from BUTT UGLY MARTIANS
plus a less than successful purchase of publishers MediaKey, has had
a recent cash infusion of 1.85M pounds (US$2.7M) from its
shareholders, who have agreed to acquire a majority shareholding in
Target. This 54% share will be purchased from Target's founding
shareholder, Tiger Aspect, who will sell its majority stake in Target
but will continue to work with the newly merged company on a
non-exclusive project specific basis. The merger will create a new
integrated media group with activities in television and film
production and distribution, rights management, licensing and
merchandising. Just Group's BUTT UGLY MARTIANS will join Target's key
properties POPSTARS, FOOTBALLER'S WIVES, BAD GIRLS and the John
McEnroe-hosted game show THE CHAIR. The company expects to come out
of administration at the end of June 2002, and be re-listed on the
Stock Exchange next year. It is proposed that the newly formed
company will appoint Target's managing director Alison Rayson as CEO.
Other Target officers taking over positions in the new company
include Nigel Wilson as finance director, Nick Underwood as
commercial director for the consumer division and Kate Bourne as
commercial director for the broadcast division. All of Target's
existing 14 person staff will join the new company. Christopher
Jones, vice chairman of Just Action Group, and proposed executive
chairman of the new company commented, "Following the Just Action
Group's focus on reinvigorating Just Group plc, this deal will bring
together management expertise with valuable intellectual property and
access to capital to build a solid platform to take the new company
forward. I am totally confident and excited about working with Alison
Rayson and her team who have gained an excellent reputation in the
distribution business since setting up Target nearly four years ago."
It has not been decided whether the company will retain the Just
Group name.