Salt Lake-based Desert Mining Inc. and Public Media Works Inc. have agreed to terminate negotiations for Desert Mining to acquire Public Media Works.
The companies' management said the acquisition "at this time was not in the best interest of either company."
The companies said in mid-May that the deal would involve Desert Mining acquiring all of Public Media's issued and outstanding common stock in exchange for 35 million shares of Desert Mining's restricted common stock. Also, Desert Mining would effect a 12.6-to-one forward split and change the name and add a class of preferred stock to its capital structure.
Public Media Works Inc., doing business as PublicFilmWorks, is a film production and marketing company headquartered in Van Nuys, Calif.