Bishopsgate Communications Ltd.

Motive Television - Disposal of Brown Eyed Boy (�BEB�) to Shine Group (�Shine�)
29-06-2010

Further to the announcement made on 21 April 2010, Motive, a leading media investment company specialising in the fast-growing digital terrestrial television broadcasting technology sector, is pleased to announce the sale of its independent television production subsidiary, Brown Eyed Boy, to the UK’s biggest Independent production company, Shine Group Limited.

Motive held a 49.9 per cent stake in BEB; Gary Reich, Managing Director of BEB, owned the remaining 50.1 per cent. Both parties have sold their shares in BEB to Shine.

Shine has indicated that the move, which will expand its comedy output, will see Brown Eyed Boy join Dragonfly, Kudos, Princess Productions and Shine TV as its fifth UK-based production company. BEB’sManaging Director Gary Reich will continue to spearhead the writer/performer led talent house receiving operational support from Kudos.

The consideration paid by Shine for the Group’s 49.9 per cent. shareholding in BEB was £204,000.

BEB’s accounts for the year ended 31 December 2009 show a net loss for the year of £(11,777); (2008: profit of £19,589) on turnover of £1,376,639 (2008: £1,436,687). The value of its net liabilities as at 31 December 2009 was £(76,701), (2008: £(64,924)).

This deal is part of Motive’s previously announced strategy of disposing of its production companies. The Group is continuing to seek acquisition opportunities in the Digital Terrestrial Television (DTT) Technology sector.

This transaction completes Motive’s disposal programme as it has decided to retain its wholly owned subsidiary, Motive Television Limited. The Dublin-based production arm has recurring revenues through its long term multi year sports contracts with TV3, one of Ireland’s leading television broadcasters. It is also behind TV shows, ‘Summer in the Sun’ and “On Hallowed Ground” for Irish broadcaster RTÉ and “Pilgrims: The Irish at Cheltenham” for Setanta Sports.

Mick Pilsworth, Chairman of Motive, commented: “We are pleased that Shine Group has decided to acquire Brown Eyed Boy. It is a successful comedy production company with an excellent reputation in the industry for breaking and developing new comedy writer-performers. Gary Reich is one of the best comedy producers in television and we wish him every success in the future.

“This is the final transaction in our disposal programme. We have decided to retain ownership of our Irish production arm, Motive Television, given its success in securing long term multi year sports contracts.

“As previously stated, we will continue to seek opportunities to acquire companies in the Digital Terrestrial Television arena. We believe this area has huge growth potential in the lead up to the worldwide analogue switch-off in 2015 and we have made a start by acquiring the global distribution rights to BesTV, the DTT software that allows over-the-air broadcasters to offer viewers low-cost Video on Demand and Catch-Up TV without the need for a return path.”

Elisabeth Murdoch Shine Group Chairman and CEO said: “We’ve made no secret of wanting to expand the group’s comedy offering and could not have found someone better suited than Gary with which to do so. He is a bold, daring, entrepreneurial producer at the cutting edge of his profession both domestically and internationally and I welcome him warmly to Shine Group.”

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