Boat Rocker Media acquired 100% membership interests of Platform One Media, LLC from Evolution Media and Liberty Global Plc (NasdaqGS:LBTY.A) for $14 million.
September 11, 2019
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Boat Rocker Media acquired 100% membership interests of Platform One Media, LLC from Evolution Media and Liberty Global Plc (NasdaqGS:LBTY.A) for $14 million on August 31, 2019. The total consideration is net of cash acquired of CAD 1.9 million ($1.4 million). The consideration consisted of non-cash financial liabilities and contingent consideration. The non-cash financial liability recorded represents the seller's right to a variable number of Series D non-voting common shares of Boat Rocker valued at $2.5 million. The contingent consideration includes three earnouts that provide the seller with the right to a variable number of Series D non-voting common shares of Boat Rocker Media. The consideration and settlement dates of the earnouts are contingent on Platform One meeting certain operational criteria, including the receipt of signed copy of sales agreements with particular American broadcasters. As at August 30, 2019, Platform One Media reported total assets of $15.6 million (CAD 20.7 million) and total members' equity of $8.8 million (CAD 11.7 million).
As per terms of deal, Platform One Chief Executive Officer Katie O'Connell Marsh will become founder and chairman of Platform One, and she will also take on a leadership role at Boat Rocker. O'Connell Marsh's existing team will stay intact and the Platform One imprint will operate with autonomy under the Boat Rocker banner. Elisa Ellis, Platform One's Chief Creator Officer, and Steve Lescroart, head of finance and strategy have been promoted to Co-Presidents of Platform One, reporting to O'Connell Marsh.
Boat Rocker Media completed the acquisition of 100% membership interests of Platform One Media, LLC from Evolution Media and Liberty Global Plc (NasdaqGS:LBTY.A) on August 31, 2019.
Boat Rocker Media Inc. is a Canada-based independent and integrated global entertainment company. The Company creates and produces television and film content across many genres, distributes content worldwide, and represents on-screen talent and third-party intellectual property (IP) owners. The Company operates through three segments: Television, Kids and Family, and Representation. The Television segment operates under various brands, including Boat Rocker Studios, Scripted, Proper Productions, Insight Productions, and Matador Content. The Television segment includes live action scripted and unscripted content production and owned IP distribution. The Kids and Family segment includes the Companyâs Kids and Family studio, the Jam Filled Entertainment animation studio, and the consumer products business. The Representation segment includes brand and management services provided to talent and IP representation and licensing sales services to IP owners.
Boat Rocker Media acquired 100% membership interests of Platform One Media, LLC from Evolution Media and Liberty Global Plc (NasdaqGS: LBTY.A) for $14 million.