MADISON TECHNOLOGIES, INC. TO SELL COMPANY OWNED AND OPERATED TV STATIONS
SALE WILL CONTINUE REPOSITIONING MADISON FOR CONTENT FOCUS AND BUILDOUT OF THE BLOCKCHAIN.TV NETWORK
News provided byMadison Technologies Inc.
Jan 23, 2023, 9:43 PM ET
NEW YORK, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Madison Technologies, Inc., (OTC: MDEX) (the “Company”) today announced the signing of non-binding letters of intent to sell both KNLA/KNET- CD Los Angeles and KVVV-LD Houston. While terms were not disclosed, the company indicated that the sales prices were higher than the 2022 acquisition prices with all net proceeds to be used to pay down debt the company incurred when making the acquisitions. The sales mark Madison’s ongoing push into television production as it greenlights plans to offer unique content for its Network and Streaming service, BLOCKCHAIN.TV.
BLOCKCHAIN.TV (“BCTV”) is a broadcast and streaming network that focuses on everything Blockchain, including crypto, nft, web 3 and metaverse and the thriving youth culture it inspires. It will be seen across the country and globally on most all platforms including broadcast and cable television, all social media avenues and of course ultimately streaming on the company’s website and app, live 24/7 and on demand. BCTV plans to air original content as well as content from third parties with an anticipated launch in late first quarter early second 2023.
The Company’s recent acquisition of “The Jay & Tony Show” will enhance the network with original content while also continuing its core business of developing and producing innovative and disruptive programming for third-party networks and platforms, while both creating and aggregating unique content for distribution nationwide with the ability to reach all viewers.
“We spent an awful lot of time analyzing the move into content,” said Philip Falcone, Founder and CEO of Madison Technologies, Inc. “This shift for the Company represents a sizable opportunity in an untapped part of the global media space. We believe this pivot with the Jay & Tony acquisition along with the station sales and the development of the network will enhance Madison’s value for shareholders and improve our access to capital.” The Company already has one of its shows “Daily Drop” airing on Canadian broadcast and cable tv channels.
Sovryn Holdings, Inc. and it’s broadcasting unit Sovryn.tv merged earlier this year with publicly traded Madison Technologies, Inc (OTC: MDEX).
About Madison Technolgies, Inc.
Madison Technologies, Inc. is a television broadcast and production company building out a broadcast and streaming network to capitalize on the growth opportunity in the blockchain space. The company's strategy is to focus on in-house proprietary content creation as well as securing third-party content for a 24/7 blockchain-only news, information, and entertainment network.
Forward-looking statements and risks and uncertainties discussed in this press release may contain forward-looking statements. The words "anticipate," "believe," "estimate," "may," "intend," "expect," “non-binding” and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties associated with, among other things, the impact of economic, competitive, the ability to close the sale, funding and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape, or manner of our future financial condition or stock price.
SOURCE: Madison Technologies, Inc.