Centre Lane funded a $15 million first lien senior secured term loan to Bright Mountain Media to finance the media company’s acquisition of CL Media Holdings dba Wild Sky Media from Centre Lane Credit Partners Master Credit Fund II. The acquisition of Wild Sky is expected to be immediately accretive to Bright Mountain Media.
Wild Sky Media, an interactive media company, has become a wholly-owned subsidiary of Bright Mountain Media. Wild Sky Media is the home to parenting and lifestyle brands CafeMom, Mom.com, LittleThings, Revelist, Babynamewizard and MamasLatinas, reaching more than 360 million users annually. In fiscal 2019, Wild Sky generated total gross revenues of approximately $22.6 million with gross margins of more than 50%.
The transaction was completed on a debt-free and cash-free basis, free and clear of any liens and encumbrances for a total enterprise value of $15.0 million, in addition to 2.5 million shares of common stock of Bright Mountain Media.
“The Wild Sky Media team has done an incredible job developing its brand, telling unique stories to a diverse group of parents with a digital portfolio that has become a leading voice in the space,” Kip Speyer, chairman and CEO of Bright Mountain Media, said. “Together, we will help Wild Sky Media reach consumers more efficiently while building out our portfolio of Bright Mountain Media owned websites. We look forward to working with their team to harness our innovations in digital media and advertising services, creating sustainable, long-term value for our shareholders.”
“This merger allows us to continue executing upon our mission of building the next generation of brands that young women can identify with,” Emily Smith, CEO of Wild Sky Media, said. “Bright Mountain’s culture and technology, including its proprietary content and ad delivery platform, allows for a strategic and effective combination. We believe this will be a seamless, positive change for our team and enable accelerated growth in the remainder of 2020 and beyond.”
“Wild Sky Media’s portfolio is highly complementary to our growing end-to-end digital media and advertising services platform,” Greg Peters, president and chief operating officer of Bright Mountain Media, said. “When coupled with our proprietary content and ad delivery technologies, we are confident that their highly targeted audience of over 30 million unique visitors per month will deliver clear benefits to our stakeholders.”
Bright Mountain Media is an end-to-end digital media and advertising services platform.
