Flash (FLZH) signs non-binding term sheet to acquire 51% controlling stake in Bongo

1. 1Flash Sports Media Holdings (FLZH) has signed a non-binding term sheet to acquire a 51% controlling stake in Bongo Holdings, a digital media and streaming platform in South Asia.
2. 2Bongo generates roughly $10 million in annual revenue, has more than 300 million viewers, and over 73 million social media followers; the consideration is 60% cash and 40% stock, with management earn-out capped at $12 million.
3. 3Once the deal closes, Bongo is expected to contribute positive EBITDA and, together with its streaming and distribution infrastructure, accelerate Flash's global expansion and direct-to-consumer distribution.

Source Newsfile Corp. +1 · View original ↗

Today's 5 AI picks, all free

Nothing hidden: past picks and how they did against the S&P 500.

See today's picks →