Gems TV Holdings announced today that it will cease operations in the US. The group has also entered into a non-binding term sheet to acquire 37.8% shareholding interest in Multimedia Commerce Group Inc. for US$60 million ($84 million).
The proposed transaction is subject to the approval of shareholders.
MMCG is a private corporation based in the US. MMCG operates a shopping network under the trade name Jewelry Television (JTV®) and retails jewellery, gemstones and related products via its television network and internet sites. JTV is a direct competitor of the group in the US.
