HALIFAX — Broadcaster and kids content maker WildBrain announced Wednesday it has completed an initial closing of US$12.2 million in financing for acquisitions and investments to drive the company’s content and brand strategy, with a special focus on its AVOD business, WildBrain Spark.
As part of the previously announced financing agreement with WildBrain’s largest shareholder, Fine Capital Partners has agreed to purchase up to US$18.5 million (approximately C$25 million) of exchangeable secured debentures issued by a newly formed subsidiary of WildBrain. The balance of the commitment is available to be called by the subsidiary at any time, subject to certain conditions, up until March 24, 2023, says WildBrain’s news release.
“One of the most exciting growth opportunities in the media industry is the rise of AVOD,” said Eric Ellenbogen, CEO of WildBrain, in the release. “This capital will allow us to finance accretive investments across areas such as content, IP, and technology, especially in our AVOD business, WildBrain Spark. With four billion monthly views across over 800 channels, WildBrain Spark attracts one of the largest and most engaged global audiences in the kids and family space. We see it as a key driver of IP for our business.”
“We are pleased to increase our investment in WildBrain during this exciting period for the children’s media industry,” added Jonathan Whitcher, CEO and chief investment officer of Fine Capital, and director of WildBrain. “With its vast content library, powerful WildBrain Spark asset and its integrated strategy of production, distribution and licensing, WildBrain is ideally positioned to exploit the remarkable opportunity set that exists today for acquisitions, partnerships and investment across the children’s media landscape.”
As a condition to the closing of the financing, Whitcher was appointed to the corporate finance committee of WildBrain’s board of directors, effective as of today.
