Largest Shareholder Reports Boosting Holding in Troika

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Peter Coates has taken his investment in Los Angeles-based Troika Media Group Inc. TRKA up a level with a significant stock purchase in the consultancy and consumer engagement group.

Co-founder of the United Kingdom-based online sports betting company Bet365 Group Ltd., Coates bought 300,000 shares in Troika on March 11, 100,000 on April 13 and another 100,000 on April 14, at an average price of $0.82, taking his holding in the group to over 9 million shares. Troika has outstanding shares of approximately 50 million.

Troika has worked with a number of well-known brands, including Coca-Cola Co. KO and Apple Inc. AAPL. For example, during London Fashion Week, the company partnered with Coca-Cola on its Diet Coke “Love What You Love” campaign in the U.K.

In March, Troika announced that it had completed the Company’s previously-announced definitive purchase agreement to acquire Converge Direct LLC, a leading digital and offline performance media and marketing company for $125 million. Since its formation in 2006, Converge and its affiliates have grown to approximately $300 million in annualized revenue, $23 million in adjusted EBITDA, and approximately $21 million of net income for the year ending December 31, 2021. 

Sports and Entertainment Focus

Troika has a growing marketing presence in entertainment and sports, working with companies like Walt Disney Co.’s DIS ESPN and the Las Vegas-based Ultimate Fighting Championship group.

Troika was also involved with marketing initiatives surrounding this year’s SuperBowl LVI and said it will continue to work with the Los Angeles Rams and the team’s SoFi stadium on marketing outreach for the upcoming 2022-2023 NFL season.

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