EMAP buys mobile social networks

FHM%20coverThe publisher of FHM and Heat magazines has acquired a UK mobile user-generated content business, as it looks to bolster its presence in the digital market.

EMAP Consumer Media has purchased Yospace Technologies for £8.7m, and has agreed to pay out a further £5.7m to its owners – the Parkmead Group, a merchant bank and private investors – depending on the performance of the business.

Yospace has developed a mobile video-based, user-generated community offering. Its products include “See me TV” and “Look at me TV” services.

Its customers include a number of major mobile networks in the UK. However in the year to December 31 2005 Yospace made a loss of £480,000.

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