The set of understandings provides for the payment by the customer of a flat fee of 4.2 million dollars with payments divided into different tranches to be paid by September 2022 Matteo Corradi, managing director of Mondo TV stated: “We are pursuing our strategy of diversification in the geographical distribution of the sources of income for the Mondo TV Group. However, the relationships built in recent years in the Asian area remain solid and allow Mondo TV to close important agreements such as those we announce today which will produce immediate positive effects already in the current year's accounts ".
Mondo TV informs that it has reached a package of agreements with the Hong Kong company, HK Tianhai Culture Technology Co., Ltd. for the transfer and license of various rights on the Invention Story series and other series in the Mondo TV catalog. In particular, the client has acquired a portion of the revenues deriving from the licensing exploitation of Invention Story and of another product in the Mondo TV catalog (limited to toys) in China, as well as the audiovisual exploitation rights in other South-East Asian countries of other programs from mondo TV’s catalog.
The contract provides for the payment by the customer of a flat fee of 4.2 million dollars which will be paid to Mondo TV in various installments, the last of which is scheduled for September 2022. Since these are products from the Mondo TV catalog, a large part of the effects of the contract will be produced already in 2021 on the revenue side due to the delivery of the episodes.
Matteo Corradi, managing director of Mondo TV stated: “We are pursuing our strategy of diversification in the geographical distribution of the sources of income for the Mondo TV Group. However, the relationships built in recent years in the Asian area remain solid and allow Mondo TV to close important agreements such as those we announce today which will produce immediate positive effects already in the current year's accounts ".
