OMT is selling off part of its non-radio retail business.
Marieke Wijtkamp, president of OMT Inc. and Intertain Media Inc., said Intertain signed a purchase agreement to sell its Retail Preview business assets and operations to Farr Media Corp., a company run by OMT’s former President/CEO Scott Farr.
Retail Preview is a service offered to stores that allows consumers to preview CDs, DVDs and video games before buying. Intertain will receive royalties from current customers through 2011.
“The retail sale of music CDs and video DVDs continues to undergo an accelerated transition with the availability of competing online services,” Wijtkamp stated. “As a result, Retail Preview was viewed as a non-strategic asset for OMT going forward. OMT’s iMediaTouch and Retail Radio product suites currently enjoy a strong market position with continued growth prospects, and therefore are better aligned with the strategic vision of our company.”
The deal also ends Farr’s employment with OMT.