Immedia Signs 2 Year Contract With Telefonica UK; Stock Climbs

(RTTNews) - Shares of Immedia Group Plc (IME.L) climbed around 32 percent in London trading after the UK supplier of digital music, entertainment and commerce channels announced Friday that it has signed a two year contract with Telefonica UK Ltd, a unit of Spanish telecom group Telefónica S.A. (TEF, TDE.L), to provide music to 467 O2 stores in the UK.

Immedia added that it will also supply equipment and maintenance services.

The company noted that it is working with O2 on a number of strategic marketing initiatives based around music, which is a key element of the O2 proposition. This will include creating brand features for O2 Priority and O2 Tracks with artists such as Ed Sheeran, Jessie J and Cheryl Fernandez-Versini introducing the music in-store.

Bruno Brookes, CEO of Immedia, said, "We are delighted to be working with O2, specifically helping to develop its music and entertainment experience in-store. Music plays a big part in the O2 brand and we are proud to be involved."

In London, Immedia shares were gaining 5.34 pence or 32.15 percent, and trading at 21.97 pence.