Struggling New York-based online/offline entertain firm PayForView Media on Wednesday announced it would abandon the streaming media business to adopt a new strategy of investing in multiple companies.

PayForView Media Group Holdings Corp., said it sealed a deal to acquire micro-cap investment banking firm Bermondsey Investments Ltd, a move that signals its entry into the investment market.

Bermondsey Investments Ltd. is an investment banking and securities firm that provides financial services to micro-capitalized companies in the U.S., Mexico, Canada and the Caribbean.

Under terms of the all-stock deal, PayForView will acquire all the assets of Bermondsey (including current investment banking contracts and financing agreements). Bermondsey would get a 40 percent stake in the new PayForView. Additionally, Bermondsey would inject up to $250,000 in short-term working capital in PayForView. The company said the funds would be used to settle several outstanding debts and obligations.

"We've been in the (streaming media) business since its infancy, and have outlived many others in our space", PayForView president Marc Pitcher said in a statement. "But its time to let go and proceed down a path which offers our shareholders far better prospects."

Once the deal closes, Pitcher would relinquish the post of president and hand over the reins to a "suitable replacement with investment banking experience," the company said. PayForView will maintain headquarters in New York, with additional offices in Canada and Barbados.

Since its launch in April 2000, PayForView has distributed movies, music, sports and live events directly to viewers on a pay-for-view, retail and e-commerce basis.

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