Jewelry TV Closes Deal with Singapore Company

Jewelry Television has closed a $60 million equity deal with
a Singapore-based company that shut down a competing jewelry television network
earlier this year, according to a news report.

According to the report, Gems TV Holding Limited acquired a
32.7 percent shareholding interest in Multimedia Commerce Group, the parent
company of the Knoxville-based 24-hour shopping network.  As part of the agreement, Jewelry
Television will get $20 million in cash, $20 million worth of inventory and $20
million worth of assets.

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