Item 8.01 Other Events.
On May 15, 2020, Bright Mountain Media, Inc ("Company"). entered into a
non-binding letter of intent with Centre Lane Credit Partners II, L.P. ("Centre
Lane"). pursuant to which we may acquire all of the equity in CL Media Holdings
LLC ("Wild Sky"). The transaction will consist of $15 million in a senior
secured term loan, to be funded by Centre Lane, and 2.5 million shares of the
Company's common stock. Wild Sky, headquartered in New York City with offices in
Bangkok offers global reach through hyper-engaging content and multicultural
audiences. A top-five parenting group according to ComScore, WildSky's robust
portfolio of parenting websites include Mom.com, CafeMom, LittleThings,
Revelist, Babynamewizard.com, and MamasLatinas.
The closing of the transaction is subject to a number of conditions precedent,
including satisfactory due diligence by the Company, the execution of definitive
agreements, together with other customary conditions precedent. As our due
diligence on Wild Sky continues, no assurance can be given that at this time we
will complete this transaction.
© Edgar Online, source Glimpses