Social video platform Triller, which started out as a clone of TikTok and has recently expanded into pay-per-view boxing matches, is going public through a merger with advertising technology company. SeaChange video report.
The incorporated company will be called TrillerVerz and will trade on Nasdaq under the ticker “KaraokeR”. It will be valued at around $5 billion, the companies said.
SeaChange, which has run its legacy video ad business since the mid-1990s, will become an operating subsidiary of TrillerVerz. (In March, Triller Network of parent company Triller buying popular live streaming music platform Verzuz.) Triller is currently controlled by Ryan Kavanaugh, who previously founded Relativity Media.
In the merger announcement, the company said that it believes “it is positioned to become a leading AI-powered social media platform for content, creators and commerce” and that it “will Create a leading voice on the Web3.0 movement and embrace the power of decentralized systems to enable greater participation in an economy that generates hundreds of billions of dollars.”
TrillerVerz CEO Mahi de Silva will be the CEO of the combined company, with the CEO of SeaChange Peter Aquino continue to hold the role of executive officer of the company.
“We believe TrillerVerz is becoming the voice of youth culture, a brand that lies at the nexus of content, creators, commerce and culture in the digital world,” said de Silva. in a statement. “Our strategy is to continue to build the world’s largest stage for creators to distribute and monetize viral and engaging content with culturally elevated experiences. We believe that partnering with SeaChange will accelerate our advertising and marketing capabilities by expanding our reach to cable, satellite and OTT media. We believe that the Business Combination Proposal will enable investors to participate in the expected growth of TrillerVerz and allow TrillerVerz access to capital markets, which we believe will help accelerate the growth. ”
https://www.billboard.com/pro/triller-public-merger-seachange-adtech-firm/ Triller to go public through merger with AdTech company SeaChange – Billboard