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Nexxen reaches settlement and inks alliance with Alphonso, LG
(Sharecast News) - Nexxen International announced on Wednesday that it had finalised a settlement and embarked on a three-year strategic alliance with Alphonso and LG Electronics. The AIM-traded firm, formerly known as Tremor International, said the collaboration was a significant step for its advertising technology platform, focused on video and connected television (CTV).
It said the settlement agreement comprises both a monetary component and a commercial strategic partnership.
The agreement effectively resolves all outstanding disputes between the involved parties, bringing an end to ongoing litigation.
Under the terms of the partnership, Alphonso would extend Nexxen access to monetise a portion of LG's high-quality CTV inventory.
Additionally, Alphonso intended to capitalise on Nexxen's data-driven discovery and segmentation tools, enhancing the effectiveness of its advertising endeavours.
"This agreement marks the start of a strategic partnership between two global leaders in the CTV sphere," said chief executive officer Ofer Druker.
"Nexxen's access to LG's CTV media is a boon for advertisers looking for engaged audiences, unique reach, and global scale across millions of screens."
Druker said that in turn, Nexxen's platform and data-driven tools augmented LG's own advertising, unlocking insights to drive more precise and actionable campaign strategies.
"I look forward to building a solid strategic partnership between our companies and am pleased to have put these legal issues behind us."
At 1220 GMT, shares in Nexxen International were up 5.5% at 215p.
Reporting by Josh White for Sharecast.com.
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