The Guardian reports YoSpace, a user-generated mobile phone content technology provider, has been acquired by UK magazine and radio firm Emap‘s consumer media business for GBP8.7 million (US$17.1 million) in cash. The move is the first major digital acquisition for the U.K. publisher and media company. Emap said it will pay a further GBP 5.7 million (US$11.2 million) for YoSpace if it reaches certain performance targets. YoSpace reported a loss of GBP480,000 (US$945,000) in its most recent financial results ending December 2005.
YoSpace – best known as the platform provider for Uk 3G operator 3’s SeeMeTV – built its business on allowing mobile users to produce, share and get paid for their user-generated video clips. YoSpace also provided the platform for O2’s Look AT Me TV service. A spokesperson for Emap said that it is too early to say exactly how YoSpace’s technology would be used within the company.