World News – CA – RTL Group sells stake in BroadbandTV for $ 120 million as BBTV launches IPO

0
11

European media conglomerate RTL Group has sold its entire stake in BroadbandTV, the digital media and tech company, for $ 120 million RTL’s sale of its stake comes as BBTV launched an initial public offering on the Toronto Stock Exchange, and under which BBTV founder and CEO Shahrzad Rafati (pictured above) became the majority shareholder

RTL had acquired a 51% stake in Vancouver-based BBTV in 2013 for 27 million euros (approximately $ 32 million) and subsequently invested an additional 19 euros8 million (approximately $ 23 million) RTL’s convertible notes in BroadbandTV were exchanged for a new promissory note from the newly listed entity BBTV Holdings Inc (traded under the symbol « BBTV » on the Toronto Stock Exchange) with a date due in December 2021

RTL said in a statement: “The sale is in line with RTL Group’s tripartite strategy – core, growth, alliances and partnerships – which includes the continuous review of the Group’s portfolio and the growth of its European digital assets in areas of streaming, advertising technology and digital video « 

Shares of BBTV Holdings began trading on the Toronto Stock Exchange on Wednesday The company issued a total of 10,775,000 shares priced at C $ 16 per share, for total gross proceeds of C $ 172 million ($ 130 million In early trading on Wednesday, BBTV shares were down 3%, at CAN $ 1549 per share

Rafati and other directors of the company have taken approximately 10% of the shares of the IPO and collectively own approximately 19% of the outstanding subordinate voting shares of BBTV Rafati owns approximately 34% of the total shares of the company and owns around 83% of the total voting rights

« In a world where new platforms are continually emerging and the supply of and demand for video increases, content owners need a complete solution to help them navigate the complex digital video landscape and vast, ”Rafati said in a statement « That’s exactly what we’re solving for BBTV is the only provider of end-to-end solutions for content owners of all sizes to help them create, engage and monetize their audience »

Rafati founded BBTV in 2005, and the company today manages, distributes and monetizes content on YouTube and other platforms that reaches global audiences BroadbandTV’s main sources of revenue include ad sales , content management and mobile game applications

Content managed by BBTV generates tens of billions of monthly impressions, which the company says makes it the second largest video distributor in the world in terms of unique viewers after Google In June 2020, BBTV ranked No 2 unique monthly viewers across digital platforms, with 596 million global users consuming over 54 billion minutes of video content during the month, per Comscore data

BBTV’s IPO is underwritten by a syndicate led by Canaccord Genuity and Scotia Capital as joint active bookkeepers and also including CIBC Capital Markets as bookrunner, BMO Capital Markets, Eight Capital, Stifel GMP , Cormark Securities and PI Financial Corp

RTL Group, BroadbandTV Corp, Media, Stock

World news – CA – RTL Group sells $ 120 million stake in BroadbandTV as BBTV launches IPO


SOURCE: https://www.w24news.com

QU’EN PENSEZ-VOUS?

Donnez votre point de vue et aboonez-vous!

[gs-fb-comments]

[comment-form]

Votre point de vue compte, donnez votre avis

[maxbutton id= »1″]