Gaiam Share Repurchases Increased to 23.4% of the Outstanding Shares
BOULDER, Colo., Oct. 3, 2011 /PRNewswire/ -- Gaiam, Inc. (NASDAQ: GAIA), a lifestyle media company announced today that the Company has repurchased additional shares of its common stock, launched its Gaiam TV streaming platform, and began today its new role as one of two selected consolidators of independent media content into Target's entertainment department.
Since mid-August Gaiam has repurchased over 500,000 shares of its common stock in open market transactions. This brings the total number of shares repurchased by the Company, since its share repurchase initiative began, to approximately 5.32 million shares, or 23.4% of the 22.8 million shares currently outstanding.
In September, Gaiam launched its Gaiam TV platform (GaiamTV.com), allowing the Company to leverage its subscriber base, direct to consumer relationship and owned content library to expand its digital reach. Customers are able to browse and stream Gaiam's extensive edu-tainment content, as well as create customized fitness and yoga playlists based on level of expertise, instructors, interests and desired time commitment. Much of this content is made available exclusively to Gaiam TV members. The launch involves multiple consumer access points, including the internet URL and iPad and iPhone apps, as well as a dedicated Roku channel. The Company expects to begin promoting the site around Thanksgiving and to add an application widget pre-loaded on Samsung internet enabled TVs and access through Verizon Fios by Christmas. The Company has recently acquired digital rights to an additional 800 new titles of LOHAS content and to date has made available close to 2,000 exclusive titles to be offered to digital retailers for download and through Gaiam TV for streaming.
This week Gaiam also begins aggregating and distributing media content for 13 independent studios into Target's entertainment department. Gaiam's selection as one of two exclusive partners for this function is further evidence of the Company's expanding partnership with Target. The Company believes that its successful role as category captain in Target's sporting goods department was a key factor in this decision. This agreement with Target makes Gaiam the only independent studio having direct relationships with Target, Wal-Mart and virtually all digital retailers. Gaiam is working with many of these studios on a broader aggregation strategy, which will ensure that Gaiam plays a meaningful role in the transformation of the media market at both brick and mortar and digital retail.
"Our expanded role with Target is a new and exciting sales channel for us, and we look forward to working with the independent studios on a broader aggregation strategy in the transformation of the media market at retail, including the digital space," said Lynn Powers, Chief Executive Officer. "We believe we are uniquely positioned as a strong partner for all independent content producers, which will enable us to broaden our role as a digital licensor and aggregator."
For more information about Gaiam, please visit www.gaiam.com, or call 1-800-869-3603.
This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as "expect," "intend," "believe," "will," "should" or comparable terminology or by discussions of strategy. While Gaiam believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of new products and services, completion and integration of acquisitions, the possibility of negative economic conditions, and other risks and uncertainties included in Gaiam's filings with the Securities and Exchange Commission. Gaiam assumes no duty to update any forward-looking statements.
SOURCE Gaiam, Inc.
Released October 3, 2011