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KIT digital spin-off relaunches as utd. by content

KIT digital Content Solutions, a company that was spun off with little fanfare in June 2012 as a wholly independent business from KIT digital, a global provider of video asset management solutions, has rebranded as utd. by content with immediate effect.

As a central part of the re-launch, utd. by content has announced a company belief which will guide all of the company's operations: "We stand to unite our customers with their audiences, by harnessing and unleashing the new power of content."

The company is currently delivering to market services and solutions in six key areas: Digital Cinema, Home Entertainment, News Clips, Digital Platforms, Managed Production Workflows, and Professional Services.

"The global media and entertainment industry is going through a period of unprecedented disruption, due to the prevailing growth of digital technologies and the explosion in mobile device usage," said Petr Stransky, CEO of utd. by content. "How people consume media is changing rapidly. However, the desire of consumers to watch content is higher than ever. We know content, and we are passionately committed to ensuring it is united with hungry audiences in new and innovative ways. This puts us at the very forefront of an industry transitioning into a new era."

With the rebranding, utd. by content starts operations with a much-needed clean slate. Its progenitor, KIT digital, ran into financial difficulties and was forced to lay off 300 employees last September. It delisted its common stock from the NASDAQ at the opening of business on 21 December 2012 which triggered a class action by some shareholders.

The stock fell dramatically in the summer when the company announced it would withdraw from the Czech stock exchange as well. Last week, the company's Australian arm went into administration, leaving some 70 workers without jobs. KIT is undertaking a restatement of historical financial statements for the full calendar years 2009, 2010 and 2011. It also dismissed its independent auditor, Grant Thornton LLP.

Story filed 09.01.13

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