The Latest SPAC News and Rumors: October 31, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Brad Pitt’s Plan B in talks to sell stake to Mediawan, BuzzFeed allowed to block worker arbitration claims over IPO snafu, and Bright Machines raises $100M after pulling SPAC deal
Brad Pitt’s Plan B Is Said in Deal Talks With France’s Mediawan
Actor Brad Pitt’s Plan B Entertainment, the production company behind films like Moonlight and The Big Short, is in talks to sell a significant stake to French media conglomerate Mediawan, according to people with knowledge of the matter.
The company has received bids from a few potential investors, said the people, who asked not to be identified discussing private negotiations. Mediawan, which has been backed by KKR & Co., is the front-runner. Plan B is expected to make a final decision in the next couple of weeks.
Mediawan’s businesses range from TV to cinema production and content distribution. It was founded in 2015 as a SPAC by French TV producer Pierre-Antoine Capton, telecom billionaire Xavier Niel and Centerview Partners banker Matthieu Pigasse.
READBuzzFeed Can Block Worker Arbitration Claims Over IPO Snafu
A judge said BuzzFeed Inc. (NASDAQ:BZFD) can block arbitration demands from employees who claim the company bungled its initial-public offering and wrongfully denied workers the chance to sell their shares before the stock crashed in value.
New York-based BuzzFeed, which went public last year, has the legal right to bar workers from having their allegations reviewed by American Arbitration Association officials, Delaware Chancery Court Judge Morgan Zurn ruled Friday.
The media company, founded in 2006, had a turbulent IPO. The shares plummeted by more than 20% after it merged with 890 Fifth Avenue Partners Inc., a special purpose acquisition company. The company had once been valued at more than $1 billion.
After Pulling Its SPAC Deal, Startup Bright Machines Raises $100 Million On Factory-Reshoring Trend
Lior Susan figures snarled supply chains, Covid lockdowns in China and geopolitical pressures give U.S. manufacturers a new push to set up factories closer to home. “It suddenly became extremely attractive because we can move fast, and we can help customers build something in Cincinnati and Salt Lake,” says Susan, founder of Eclipse Ventures and CEO of microfactory firm Bright Machines. “It sounds crazy—who builds electronics in Cincinnati in the last 40 years?”
Ten months ago, San Francisco-based Bright Machines pulled its $1.6 billion deal to go public via SPAC with SCVX Corp. (NYSE: SCVX) as the market turned. The firm told Forbes Monday that it had raised $100 million in venture funding led by Eclipse Ventures (plus an additional $32 million in debt financing) to fund its next stage of growth. The new investment values Bright Machines, whose microfactories automate electronics production lines with robotics, powered by intelligent software, at $938 million.
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