(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas, including entertainment tocks reports on trading and news for PLBY Group, Inc. (NASDAQ: PLBY ), owner of Playboy, one of the most recognizable and iconic brands in the world.
The stock made the nasdaq top gainers list today on news, currently trading at 1.1850, gaining 0.3566, up 43.0468%.on volume of over 134 Million shares as of this report.
PLBY today announced today the signing of a significant equity investment by Byborg Enterprises SA ("Byborg"), a privately held premium online entertainment company that is redefining the future of human interaction and reshaping digital relationships through innovative technology.
Strategic Investment
Byborg has agreed to purchase (directly or through an affiliate) 14.9 million newly issued, unregistered shares of common stock of PLBY Group for a price of $1.50 per share, for a total purchase price of $22.35 million. The parties expect to close the purchase and sale of the shares on or before November 8, 2024.
Licensing Agreement
Concurrently, Byborg and PLBY Group signed a non-binding letter of intent ("LOI") providing that the parties will work together on an exclusive basis to negotiate and execute a definitive agreement pursuant to which Byborg would license certain Playboy digital intellectual property and operate certain Playboy digital businesses. Core to the contemplated strategic partnership is pursuing additional new revenue streams, including artificial intelligence services, webcam products and other initiatives which will leverage existing Byborg intellectual property. The LOI includes $20 million in annual minimum guaranteed payments to PLBY Group over the initial 15-year term for a total of $300 million as well as a profit share based on performance. PLBY Group and Byborg expect to enter into definitive agreements prior to year-end.
Ben Kohn, Chief Executive Officer of PLBY Group commented, "Our strategic relationship will combine the rich heritage of the Playboy brand with one of the best premium online entertainment companies in the market. I am most excited about the new products Byborg has developed and how the Playboy brand can bring those to mass audiences. The proposed transaction also represents one of the most significant steps to date in our transition to an asset light business model."
"Playboy is one of the most iconic lifestyle brands recognized worldwide, resonating across generations," said Andras Somkuti, Managing Director of Byborg Enterprises SA. "Investing in PLBY Group and collaborating to enhance the brand and its assets for greater reach presents an exciting opportunity for us. We see tremendous potential to grow existing businesses, develop innovative products, create captivating experiences, and drive substantial growth."
The shares will be subject to a lock-up period of one year. In connection with the equity purchase commitment and the licensing agreement, Byborg may purchase additional shares of common stock and has entered into a standstill agreement capping its total holdings in PLBY Group at 29.99%. As a result of the equity purchase, beginning in 2025, PLBY Group will appoint a director nominated by Byborg and will also add a mutually agreed new independent director.
Recent News
Research entertainment and music stocks at Investorideas
About Investorideas - Big Investing Ideas
Investorideas is the go-to platform for big investing ideas. From breaking stock news to top-rated investing podcasts, we cover it all. Our original branded content includes podcasts such as Exploring Mining, Cleantech, Crypto Corner, Cannabis News, and the AI Eye. We also create free investor stock directories for sectors including mining, crypto, renewable energy, gaming, biotech, tech, sports and more. Public companies within the sectors we cover can use our news publishing and content creation services to help tell their story to interested investors. Paid content is always disclosed.
Disclaimer/Disclosure: Alaska Energy Metals Corporation is a paid featured mining stock on Investorideas, Investorideas is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact management and IR of each company directly regarding specific questions. More disclaimer info: More disclaimer and disclosure info Learn more about publishing your news release and our other news services on the Investorideas newswire /News-Upload/ Global investors must adhere to regulations of each country.
MENAFN31102024000142011025ID1108840348
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.