Earnings: Roo Q4 Revs Up 4 Percent; Acquiring Rest Of Sputnik; Changing Name To KIT Digital
This story was written by Joseph Weisenthal.
Roo Group, the Dubai-via-New York-based online video firm, reported Q4 revenue of $3.9 million, up 4 percent year-over-year from $3.75 million. Net loss grew to $12.5 million from $5 million in the year-ago period. In addition to the financial release, it announced a couple of of corporate changes:
-- As part of a "corporate rebranding", the company will change its name from Roo to KIT Digital. Given the trouble that this company has gone through, along with the changes that the new management team has made, it probably makes sense to ditch the sullied Roo name and start fresh. KIT Capital is the name of the investment group of CEO Kaleil Isaza Tuzman.
-- Roo will buy the remaining 49 percent of interactive ad agency Sputnik for $4 million. The company notes that the unit is profitable, with revenue of $5.2 million and operating profit of $371,000.
By Joseph Weisenthal