Media-focused brand management group Branded Entertainments has bought skiing and surfing publisher Wavefinder for £375,000.

The fee was satisfied with a share-for-share exchange with the holders of Wavefinder, marking the first purchase for the PLUS quoted company.

Brand Entertainment’s chief executive, Gary Smith, told M&A: “We’re looking to move into the live music and action sports sector as this targets the lucrative 18-25-year-old-market. This purchase, which will be instantly earnings enhancing, is a perfect fit.

“We’re currently in advanced talks with a company that runs a combined live music and action sports event. Aside from that purchase, we expect another in the next couple of months.”

Branded Entertainment was set up to exploit brands within a range of media channels including DVD, mobile downloads and merchandising.

The enlarged group will continue to develop in the sports and music sectors organically and through acquisitions. After the next acquisition Smith, also executive director of Tandem Films, will move into the role of executive director.