CuriosityStream Going Public Via $331 Million Reverse Merger Deal
header-image

Rival U.S.-based streaming service FuboTV has also filed registration with the SEC to pursue its own public market listing.

CuriosityStream, a streaming service offering factual content, is headed to the NASDAQ Exchange via a reverse merger deal valued at $331 million, including debt.

A special purpose acquisition company, Software Acquisition Group, which is listed on the NASDAQ after raising $150 million last year to buy another company, will purchase CuriosityStream at an enterprise value of $331 million and an equity value of $512 million.

The deal will turn CuriosityStream into a public company, under the ticker symbol CURI. John Hendricks, founder of the Discovery Channel who launched CuriosityStream in 2015, will remain chairman of the board of the combined company and becomes its largest shareholder.

And Clint Stinchcomb as president and CEO will continue to run CuriosityStream, which points to 13 million paying subscribers in over 175 countries and new cash funding from the reverse merger deal. Hendricks in a statement said he was "excited to now have access to the public capital markets to support our growth plans and to over-deliver on our mission to provide content that informs, enchants and inspires.”

Elsewhere, fuboTV, which merged with FaceBank Group, a developer of technology IP, to create a sports-first digital entertainment alternative online for cord-cutters and cord-nevers, announced that it has filed a registration statement with the U.S. Securities and Exchange Commission for a public offering of its common stock.

"The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering," FaceBank said in a statement.

In June, fuboTV added ESPN to its sports-focused offering, along with ABC, Disney Channel, Freeform and other channels, to bolster its appeal to streaming subscribers and investors.

From: THR