PAUL Ramsay's Prime Media Group will merge key assets from online and content company Destra with its iPrime arm to create a single digital group it can market to advertisers.
The new division will incorporate iPrime's video-based community websites, Becker Group assets such as internet television website Moonlight TV, and parts of Destra, including branded content business Brand New Media, DVD distributor Magna Pacific and niche magazines and websites.
PMG took control of Destra this week after doubling its stake to 44 per cent, removing the board (including founder and chief executive Domenic Carosa) and appointing David Gordon, from advisory firm Lexicon Partners, as executive chairman.
Destra lost $900,000 through the collapse of stockbroker Opes Prime, while Mr Carosa's shareholding in the company was slashed. Prime, the Seven Network's regional TV affiliate, said Mr Gordon would conduct a strategic review of Destra.
PMG chief executive Warwick Syphers was the only Destra director to survive the boardroom cull. He said Prime would stick with advertising-based models rather than pay-per-view but planned to expand its ability to develop digital brand-funded content.
"The challenge for us is to integrate this suite of online assets, which are in disparate corporate structures at the moment," Mr Syphers said.
"PMG has iPrime. Destra controls its various properties, and Becker, which we control, has Moonlight TV.
"Some kind of Prime digital media strategy will emerge."
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