Metro Global to buy J.P. Manufacturing
Sunday May 31, 6:41 pm Eastern Time
CRANSTON, R.I., May 31 (Reuters) - Metro Global Media Inc., an adult-oriented entertainment company, said it agreed to buy the assets of J.P. Manufacturing Co., which operates under the trade name of Rachel's Pleasures and is a leader in adult novelty and leather and nylon products.
Metro Global said the deal could give it a record in sales and profits for 1998.
Metro Global said it will own the trademarks, patents, manufacturing equipment and goodwill for the manufacturing and distribution of the Rachel's Pleasures product line.
''This latest procurement should solidify Metro's leadership as the 'across the board' leader in the adult industry,'' Metro president Dan Geribo said in a statement issued Friday.
Terms of the deal were not disclosed, but J.P. Manufacturing generates $1.5 million to $2 million in annual revenues.
In a separate statement, Metro Global said it has entered an alliance with New Frontier Media Inc (NOOF - news), a publicly traded adult satellite network company. A New Frontier subsidiary will be launching ''TeN: The Erotic Network on a 24-hour basis on August 15, 1998.
New Frontier also owns the Extasy Networks, which consists of three 24-hour, direct-to-home satellite channels, Metro Global said.
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