Premiere Entertainment to buy technology firm

Premiere Entertainment Productions Inc. on Thursday disclosed that it will acquire the existing software business and assets of Digiwave Solutions Inc. In a statement to the Philippine Stock Exchange, Premiere Entertainment, a producer of motion pictures, said the acquisition will be done in exchange for new shares that it will issue to Digiwave at P1 per share. "The transaction shall be subject to a satisfactory due diligence by the parties, after which the number of (Premiere Entertainment ) shares to be issued to Digiwave shall be determined," the company said. Digiwave has operations in the Philippines and Korea and is involved in the development of games. For the past years, Premiere Entertainment's main sources of income were the sale of ancillary rights for its library titles and some sponsorship runs. - Cheryl Arcibal, GMANews.TV