OpenTV buys Static for $59m

LONDON - OpenTV, the digital TV software company, is to buy online content provider Static for $59m ($42.4m) in cash and stock.

Static provides interactive games and entertainment through its PlayJam channel, which is available on several digital TV networks including NTL, BSkyB, Canal Satellite and OpenTV's own interactive platform.

OpenTV said the acquisition will provide it with "immediate recurring revenue streams" through PlayJam, which is accessible to 9m homes in Europe.

Under the deal, London-based Static will become a wholly owned subsidiary of OpenTV and Static's chief executive officer Jasper Smith and chief creative officer Mark Rock will continue to head the company. Executive director Paul Bustin will be retained as a consultant to OpenTV.

Shareholders in the privately owned Static will receive about 2.6m shares of OpenTV's Class A ordinary shares and about $17m (£12.2m) in cash.