- NFT firm Redeem LLC has been acquired by the Troika Media Group’s subsidiary firm
- The acquisition is made for $1.2 worth cash and $10.86 million worth TMG’s normal stocks
- Now TMG will see growth in its revenue and strategic opportunities
NFT or the Non-Fungible Token has been in a craze for a long while now. In recent developments, it is observed that Troika Media Group (TMG), a global consultancy and digital media group’s subsidiary Redeem Acquisition Corporation (RAC), has acquired Redeem LLC. Redeem LLC is a fintech platform empowering businesses to digitize any asset and build their blockchain-based payment solutions. According to the PR published by Seeking Alpha, RAC has bought all the assets with $165k worth of liabilities of Redeem LLC.
WHAT DOES RAC INTEND WITH THE NFT FIRM?
According to the announcement, Troika aims to integrate its products across its media services. And will work with new and existing brands to offer NFT, crypto payment APIs, mobile payment expertise, and other revenue-generating products. It is known that such products will be capable of deploying digital tokens throughout the media firms’ expansive network brands.
According to Robert Machinist, the chairman and CEO of Troika, the acquisition is going to be a game-changing transaction for the firms. Hence, taking the firms to the latest digital era will help them achieve unique and complementary objectives.REDEEM LLC’S ACQUISITION IS MADE FOR CASH AND STOCKSAccording to the announcement of the acquisition, it is observed that TMG has bought almost all the assets of Redeem LLC. On the other hand, TMG has also acquired $1,65,000 worth of liabilities of the firm. Indeed, the total transaction for the acquisition was made for $1.21 million, and the amount was paid in cash. Additionally, with the cash Redeem LLC also received $10.89 million worth of common stocks of Troika Media Group that vest more than three years.GROWTH IN REVENUE AND STRATEGIC OPPORTUNITIESIn the release, Machinist explained that the acquisition would essentially help surge TMG’s ability to grow its revenue. TMg will now receive more strategic opportunities to enhance the firm’s core business by immediately positioning it as the go-to expert in the NFT and crypto space. Specifically, TMG will focus on sports, gaming, and entertainment companies and provide them with new opportunities to create demand through the integration of NFT.