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ReelTime's revival comes courtesy of Sony Pictures Entertainment, which is to take a placement of 17,000,000 shares at a value of $AUD 0.053 (5.3 cents) per share. ReelTime.tv will be seeking shareholder approval for the placement to Sony as well as seeking approval for an issue of a further $3 million shares at 5.3 cents.

ReelTime is an Australian download-to-own service with movies available the same day they hit the shops. ReelTime movies are available in three formats: for watching on computer; for portable devices (but not the iPod); and for burning to DVD.

ReelTime suspended trading its shares mid February to undertake a capital raising, having burned through most of the $4 million it raised in an IPO in April 2006. Today’s announcement ends eight weeks of speculation as to which media entertainment company was planning to invest in ReelTime.

"Sony's investment in ReelTime.tv brings with it an even closer relationship that will allow ReelTime.tv to leverage an enviable pool of content and entertainment industry savvy," says ReelTime.tv managing director John Karantzis.

"With this capital raising well under way, we are looking to rollout further major offerings and marketing strategies in the coming months."

Such major offers include ReelTime's Home Entertainment Centre (HEC). It is a "one stop" entertainment device combining a High Defintion digital TV tuner, DVD player, CD player, VHS recorder and online movie and TV download store in one unit, says ReelTime chief marketing officer Roland Kulen.

The HEC features wired and wireless internet connections, allowing users to download ReelTime movies directly to the HEC without the need for a computer. The device supports the WMV, DivX, Xvid and MPEG1-2 video codecs along with internet radio

On top of this, the HEC is also a Personal Video Recorder, allowing users to record up to 700 hours of television broadcasts on a 160GB or 320GB hard drive. It is compatible with the IceTV electronic program guide and Personal Interactive Media Planner (PIMP), which allows users to remotely schedule recordings via a mobile phone or web browser. IceTV recently unveiled plans for its own video on demand service.

The HEC offers 1080i high definition video output via DVI, and also features s-video and composite video outputs as well as a Firewire input for transferring video from camcorders. The units will be available next month from the ReelTime.tv website and ReelTime.tv is also expecting to conclude retail agreements before the middle of the year.

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Adam Turner  Broadband  Sony  Television  Video