Vinco Ventures Inc BBIG shares are trading higher Monday after VVIP Ventures announced it entered into an Asset Purchase Agreement with magazine publisher a360 Media to acquire the National Enquirer, the National Examiner and Globe.
What To Know: VVIP Ventures is a joint venture between Vinco Ventures and ICON Publishing, LLC. The transaction includes the acquisition of all print and digital assets and owned intellectual property of the National Enquirer (both U.S. and U.K. editions), National Examiner and Globe.
The acquisition is expected to create new opportunities for wide-scale exploitation through Vinco's film, TV, digital and social divisions.
Additionally, the Asset Purchase Agreement gives VVIP Ventures exclusive rights for a 90-day period to discuss additional business collaborations with a360 Media. The joint venture will also enter into a multi-year service agreement for publishing, financial and distribution services with a360 Media.
"Vinco's digital platforms and capabilities are well positioned to maximize revenues from these iconic and already profitable media brands," said Rod Vanderbilt, executive chairman of Vinco Ventures.
Vinco is expected to report its fiscal second-quarter financial results on Feb. 17, according to Benzinga Pro. The stock was among the top five most searched tickers on Benzinga Pro last month.
BBIG Price Action: Vinco Ventures has a 52-week high of $2.60 and a 52-week low of 41 cents.
The stock was up 11.6% at 79 cents Monday morning.
Photo: courtesy of Vinco Ventures.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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