Cloudified (LSE:CHL) Holdings has provided an update on its proposed reverse takeover of PowerPlay, a sports media and entertainment business focused on monetising content rights across women's sports and combat sports through broadcast, digital distribution and live events.
PowerPlay holds five-year rights to a portfolio of channels acquired from US-based media group Jungo TV, including AWSN (the All Women's Sports Network), a global platform co-founded by Whoopi Goldberg with distribution across more than 60 countries and a stated reach of over 1 billion households, and Black Belt+, a martial arts and combat sports streaming platform built on the legacy of Black Belt Magazine.
On the commercial side, PowerPlay has signed three-year agreements with MBC Group, the largest media network in the Middle East and North Africa and majority-owned by Saudi Arabia's Public Investment Fund, and SuperSport, the leading sports broadcaster in Sub-Saharan Africa, alongside a three-year women's football partnership with the Saudi Arabian Football Federation.
Cloudified has been suspended from trading on AIM since June 2024, having become a cash shell following its disposal of Falanx Cyber Defence in December 2023.
Completion of the acquisition remains conditional on due diligence and a fundraise, to comprise a placing, subscription and retail offer led by Oberon Capital, which the company said is expected to launch within weeks.
Upon completion, Cloudified intends to rename itself PowerPlay Media Group plc.
