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Galleon Holdings chief executive Stephen Green and managing director Len Dunne are resigning as part of the entertainment content developer and distributor’s decision to focus on its digital operations in China.
Green and Dunne are setting up their own IP development and management business called Corinthian Entertainment. They will be consultants to Galleon and receive a fee of 20% of the net proceeds “from the sale or licensing of Galleon’s media assets as agreed or introduced to Galleon for an initial period until June 30 2011”. This involves most of Galleon’s wholly owned IP excluding some of its games rights in China.
Galleon intends to focus on its digital games and content publishing business in China, with an initial focus on games content. Galleon has entered a joint venture with Chinese broadcaster Qinghai Satellite TV.
Executive chairman David Wong will take on more day to day management activities.
At 1.88p a share, Galleon is valued at £3.15m.
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