Bright Mountain Media, Inc. (OTCPK:BMTM) submitted a winning bid to acquire Certain Assets of Big Village Insights, Inc., Big Village Agency LLC, Big Village Group Inc., Deep Focus, Inc., EMX Digital Inc., Balihoo, Inc., and Big Village Media LLC for $19.874 million on April 3, 2023. The Company delivered the deposit of $1,987,400 to the escrow agent effective as of April 10, 2023. On April 10, 2023, the Bankruptcy Court entered an order approving the sale of all of the Sellers? right, title and interest in, to, and under the assets, rights, and properties of every nature primarily used in or related to the operation or conduct of the Business to the Company in accordance with the APA, as modified at the Auction. The APA was executed on April 10, 2023 and upon the Sale Order became a binding agreement among the parties. The closing of the sale is subject to certain conditions, including (a) that no governmental authority has enacted, issued, promulgated or entered any order that is in effect and has the effect of making the transactions contemplated by the APA illegal, or otherwise restraining or prohibiting consummation of such transactions that are not otherwise satisfied, resolved or preempted by the Sale Order, (b) the Bankruptcy Court shall have entered the Sale Order, and the Sale Order shall not have been stayed, vacated, reversed or modified without the consent of the Company as of the closing date, and (c) performance in all material respects by each party of its covenants and agreements. Joseph Barry, Craig D. Grear, and Joseph M. Mulvihill of Young Conaway Stargatt & Taylor, LLP acted as legal advisor to Big Village Insights, Inc. Curtis Tuggle and JS Hawkins of Thompson Hine LLP acted as legal advisor to Bright Mountain Media, Inc.

Bright Mountain Media, Inc. (OTCPK:BMTM) completed the acquisition of Certain Assets of Big Village Insights, Inc., Big Village Agency LLC, Big Village Group Inc., Deep Focus, Inc., EMX Digital Inc., Balihoo, Inc., and Big Village Media LLC for $20 million on April 20, 2023. The acquisition of Certain assets are related to the Sellers? Agency Business and Insights Business. The Company acquired the Big Village assets for approximately $20 million, plus assumed liabilities, in an all-cash transaction funded by a senior secured credit facility. The assets are expected to add approximately $50 million of annualized revenue and be immediately accretive to 2023 Adjusted EBITDA through revenue and cost synergies.