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- Canada-based entertainment company Boat Rocker Media (TSX:BRMI:CA) said on Friday that it has sold its stake in the talent management company Untitled Entertainment to the alternative asset manager TPG (NASDAQ:TPG).
- The transaction involves cash proceeds of ~C$51.6M and equity consideration of 8.8% of the outstanding shares in the new talent management company.
- The cash proceeds are intended to be used to support Boat Rocker’s content-first strategy and to pursue strategic M&A opportunities.
- Boat Rocker said its Michel Pratte and Eric Taitz have been appointed CEO and COO, respectively, of the newly established company, effective immediately.
- Boat Rocker now anticipates 2024 adjusted EBITDA to be ~$10M.
- Source: Press Release