CuriosityStream and Software Acquisition Group, a special purpose acquisition company (SPAC), have entered a definitive business combination agreement, which will see the factual streamer become a publicly-traded company.<\/p>\n
At the closing of the transaction, the combined company will have zero debt and an estimated $180 million in cash on the balance sheet (assuming no redemptions of Software Acquisition Group stock). John Hendricks will remain chairman of the board as well as the combined company\u2019s largest shareholder.<\/p>\n
CuriosityStream will continue to operate under the current management team, led by Clint Stinchcomb, president and CEO.<\/p>\n
In connection with the signing of the merger agreement, Software Acquisition Group secured a $25 million PIPE investment to support the business combination. The PIPE investment includes significant commitments from existing investors in CuriosityStream, insiders of Software Acquisition Group, existing Software Acquisition Group investors and new institutional investors.<\/p>\n
Hendricks said: \u201cCuriosityStream has the unique advantage of being a \u2018pure-play\u2019 streaming media service that is not burdened with legacy linear TV assets in cable and broadcasting. Our consumer promise of offering premium factual content on-demand in the new era of streaming has been enthusiastically embraced by curious viewers worldwide. We are 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.\u201d<\/p>\n
\u201cWe are proud to combine with CuriosityStream,\u201d said Jonathan Huberman, chairman and CEO of Software Acquisition Group. \u201cCuriosityStream is the clear leader in the high growth factual media streaming market. We look forward to working with such a strong management team led by industry legend John Hendricks and his business partner of many years, Clint Stinchcomb, as they continue to drive CuriosityStream adoption across global markets. I am confident our investors will share my total respect for their vision and leadership.\u201d<\/p>\n
\u201cI take great delight in working with John Hendricks,\u201d said Stinchcomb. \u201cAnd through the combination of his vision and our veteran-led operating team, we are already generating significant revenue growth. We have built a compelling and elegant global factual streaming service for consumers and that is only one part of the story. Unlike nearly every other streaming service that is largely reliant on a single revenue stream, subscription or advertising, we are building five robust, interrelated but distinct business lines. This influx of capital from the sponsors and the Software Acquisition Group team will only accelerate our march to becoming the world\u2019s pure factual solution for consumers, distributors, brands, associations and media partners.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
CuriosityStream and Software Acquisition Group, a special purpose acquisition company (SPAC), have entered a definitive business combination agreement, which will see the factual streamer become a publicly-traded company.<\/p>\n","protected":false},"author":350,"featured_media":14948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[69],"tags":[258],"class_list":["post-14947","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-curiositystream","pmpro-has-access"],"yoast_head":"\n