The company behind Truth Social, former president Donald Trump’s social media platform, the Trump Media & Technology Group (TMTG), has plans to further extend its media reach with a new acquisition of technological assets designed to boost its foray into streaming.
On July 1st, TMTG joined the Russell 1000 and Russell 3000 indexes.
Trump Media & Technology Group:
Trump Media & Technology Group Corp. (Nasdaq: DJT) (“TMTG” or the “Company”), operator of the social media platform Truth Social, yet another of President Donald J. Trump’s iconic American brands, announced today that it signed an agreement to acquire assets intended to power TMTG’s planned content distribution network for streaming of linear TV – initially via the Truth Social platform and later through stand-alone apps. Additionally, the Company finalized a long-term equity financing arrangement to fund TMTG’s expansion over the next three years.
To advance TV streaming, and contingent on the satisfaction of closing conditions, TMTG expects to receive from Perception Group, Inc. and its affiliates (“Perception”) worldwide non-exclusive perpetual licensing rights for the new CDN technology that TMTG plans to use for its content distribution network. Additionally, Perception will face certain restrictions for five years on operating in the U.S. market in areas that may compete with TMTG. The agreement also includes a contingent opportunity for TMTG to purchase Perception outright in the future.
“We are committed to creating value for our stockholders by following our stated growth strategy of pursuing strategic opportunities, expanding Truth Social’s user base, and increasing product offerings and services,” said TMTG CEO Devin Nunes. “We are rapidly pushing forward with our plans to launch a high-quality streaming service that we believe cannot be cancelled by Big Tech. We believe this agreement will enable us to build a superior tech stack to support a cutting-edge streaming service. It’s a major step in fulfilling our mission to strengthen free expression and end Big Tech’s stranglehold on digital communication.”
TMTG’s streaming service is designed to host news shows and networks, religious channels, and additional family-friendly content that has been cancelled or is at risk of cancellation. The technology acquisition announced today will be financed at closing through TMTG’s issuance of up to 5,100,000 shares of its common stock, which shares shall be subject to certain trading restrictions, and $17.5 million that are expected to be paid over a period of three years.
Furthermore, in furtherance of TMTG’s growth strategy, the Company has secured an important financing option by entering into a standby equity purchase agreement (“SEPA”) with YA II PN, Ltd., an investment fund managed by Yorkville Advisors (“Yorkville”). Subject to certain customary conditions, the agreement grants TMTG the option, at its sole discretion, to issue up to $2.5 billion in shares of common stock to Yorkville over three years. The per share subscription price Yorkville will pay for the shares will be a 2.75% discount to the Market Price (as that term is defined in the SEPA) during a one- or three-day pricing period elected by the Company. TMTG intends to use the SEPA strategically to raise and deploy capital, using as little or as much of the SEPA amount as circumstances warrant, when market conditions and business opportunities justify doing so.
“TMTG has over $350 million in the bank and the iconic Trump brand,” said Nunes. “Now, we’ve secured a great deal to guarantee access to additional capital, if necessary, to pursue big strategic opportunities as we look to build out our portfolio by acquiring assets and technologies in the Patriot economy.”
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And the grift goes on.
Only until January 20, 2025.
193 days of Biden influence-peddling grift left.
Then the TRUMP TRAIN rolls, Making America Great Again!
Business expansion–yes, for profit–and with technology that aims to strengthen free expression and end Big Tech’s stranglehold on digital communication” is grift?
How, why and where does one abstract this from the article? Lemme guess, Orange Man Bad and Twitter was better when the Federal Govt leveraged their power to influence what info was presented to the World…like the reality honest people knew about JRB for yrs, but is presented now as a surprise?
That’s real grift with a helping of deception.
Thank God for America’s last duly-elected president, President Donald J. Trump!
TOO BIG TO RIG IN 2024!
“Big Tech’s assault on Parler proves it’s gone full cartel” – NY Post, Jan. 10, 2021
https://nypost.com/2021/01/10/big-techs-assault-on-parler-proves-its-gone-full-cartel/
The left are all racist commie nazis that hate and are hellbent on destroying the US. They should all get what they wished and committed upon others. #Prosecute the left.
Sir, Nazism is traditionally an extreme right-wing ideology. They were far from communist.
The far right label in 1930s-40s Nazism is totally irrelevant present day. What else you got?…
Nothing, just thought “commie nazis” was a funny statement.
Geez I am sick of this stuff already. Neither of these clowns should be leading America.
Complete nonsense. MacDailyNews, purge this propaganda off your feed. This is a tech news site, not a platform for lies.
Hey, Andy. Complete Leftist DEFENSE. Purge YOUR propaganda off this feed. What goes around, comes around…
https://www.cnbc.com/2024/07/12/economists-trump-inflation-biden-wsj.html
Let’s see. Trump Media LOST over $300 Million dollars last Quarter, running Truth Social which is Trump’s version of Twitter (X). Truth Social has about 500 THOUSAND users, whereas Twitter (X) has over 500 MILLION users . . . and now they are going to “Change the World” with their version of “TV Streaming.” I have 2 views: 1) Whoever is behind this “scheme” should be nominated to the Con Artist Hall of Fame, 2) Whoever, as a citizen or consumer, “believes” this nonsense, needs to be under a conservatorship, because you can’t be trusted to make financial decisions for the well being of you and your family.
I came for Apple news not a political commentary site. Too often do I find partisan political rhetoric of the worst kind. I will focus on other sites such as AppleInsider for Apple news. Deleting the bookmark from my favourites. Too bad, there was much about this site that I enjoyed, but less in recent times.
“Truth Social”? Talk about Orwellian language.