DJ: Parallel Media Sets Sights On Olympic Revenues
LONDON (Dow Jones)--Parallel Media Group PLC (PAA.LN), the provider of sports media, marketing and management and sponsorship advisory services, Tuesday said it sees the London 2012 Olympic Games as its key source of revenue for the coming years.
Chairman David Ciclitira told Dow Jones Newswires: "We think being a small public company in sport is a very good space to be in. We've got two great areas which will sustain us for the coming years - sport in Asia and the Olympics here
London."
"Our forecasts haven't accounted for the Olympics and I think this coming period will take us up and beyond expectations."
The company is the exclusive commercial partner to GCap Media for the London Olympics, with which it will develop multimedia sponsorship, event and consulting opportunities in the four years leading up to the games.
Ciclitira said: "The sponsors of the Olympics are the likes of McDonalds and they're spending GBP3 billion no matter what happens in the economy.
"Our aim is to secure sponsorship packages with them and I think we will also end up working with some of the Olympic competitors in the future on the back of that too.
"Our forecasts haven't accounted for the Olympics and I think this coming period will take us up and beyond expectations."
Company Web site: www.parallelmediagroup.com
-By Hannah Benjamin, Dow Jones Newswires;
44-20-7842-9298; hannah.benjamin@dowjones.com
(END) Dow Jones Newswires
October 07, 2008 09:38 ET (13:38 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
