Red Rock Pictures Holdings, Inc. said Thursday that it completed its acquisition of the assets of ComedyNet.TV Inc. in a deal that includes a cash infusion into the company by a new investor.

The Los Angeles film and entertainment marketing company said it will issue 50 million shares of its common stock for ComedyNet’s assets, which include a substantial library of filmed comedic content.

Red Rock Pictures shares traded for less than half a cent on the Over-the-Counter Bulletin Board at Wednesday’s close, valuing the deal at roughly $375,000.

“ComedyNet’s assets and provides us operating capital and funding to complete some of the exciting projects in our pipeline,” said Chief Executive Reno Roll & #233; in a statement.

As part of the deal, ComedyNet, an on-demand digital programming network, arranged an investment into Red Rock from a third party investor of $300,000, in the form of a secured convertible note which is convertible at 6 cents per share.

The investor, who was not identified, was issued an option to purchase an additional 18 million shares of Red Rock’s common shares for $500,000. The investor agreed to fund an additional $200,000 for an upcoming advertising campaign for a Red Rock client, the company said.