NORTH MIAMI, FL-It isn’t a deal made in heaven, but locally-based 5th Avenue Channel Corp. hopes the $3 million transaction it is doing with Italy-based Brezenet Inc. will strengthen its net tangible asset base.

5th Avenue is selling three million shares of its Nasdaq-traded stock to Brezenet, its licensee in Italy, in exchange for $3 million worth of foreign commercial real estate assets. The deal is expected to close by year end.

5th Avenue Channel owns Net Video Networks which creates and acquires television and video content for streaming on-demand service over the Internet. 5th Avenue also has a wireless cable system in Wisconsin and a business-to business sales division that sells products to mass market retailers. Mel Rosen is the firm’s CEO.

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