One Horizon Group Announces Agreement to Acquire Browning Productions & Entertainment
May 10, 2018 12:49 ET | Source: One Horizon Group, Inc.
LONDON and LOS ANGELES and MIAMI, May 10, 2018 (GLOBE NEWSWIRE) -- One Horizon Group, Inc. (NASDAQ:OHGI) today announced that it has entered into a term sheet that includes the main provisions of the definitive agreements to acquire a majority interest in Browning Productions & Entertainment, Inc. (“Browning”), which has produced and has ownership rights to dozens of national and international television programs currently airing on a number of the most recognized television networks including A&E, FYI and History Channel (see: https://www.browningproductions.com).
Browning’s team of award-winning professionals are experts at harnessing the power of communication in today’s rich and limitless fields of video, television, film, music and print. Importantly, Browning distributes content on a proprietary Internet / Over-The-Top (“OTT”) content platform that operates in conjunction with Verizon Digital Media Services (“VDMS”). Browning is not only a world-class production company but offers end-to-end marketing services and is dominant in the industry for branded entertainment.
Current Browning productions include “Wine Warriors,” (www.winewarriors.com); the spin-off “Whisky Warriors, for which Browning recently secured the Big Sky Film Grant from the State of Montana’s Film Office, “Training Grounds,” (www.traininggrounds.tv); a new docuseries called “The Cryptos,” unveiling the inner workings of the cryptocurrency industry, soon to be distributed on one of the world’s most widely recognized global business news networks; and “America’s Crowdfunding,” an equity crowd-funding television series (the concept is “Shark Tank” meets “America’s Got Talent,” where the viewers vote with their wallets for equity stakes in the featured companies) in conjunction with Equity Bender (https://equitybender.com), among others.
By the proposed transaction terms, OHGI will make available project-based working capital but will be initially issuing not more than 100,000 shares and $100,000. The balance of the payment for majority interest will be stock-based on an earn-out tied to two-and-a half times (2.5x) earnings, which will drive substantial value to OHGI shareholders.
“The acquisition of Browning brings OHGI a management team with substantial digital entertainment experience and upon completion of this deal, OHGI should be recognized as a leader in each of the fastest growing areas of media, content and distribution,” said Mark White, One Horizon Group’s Founder and CEO. “While the term sheet is subject to customary conditions including completion of due diligence, we fully expect to close the transaction next month, and upon closing, we are confident our shareholders will appreciate this exciting enhancement to our profitability, understanding that our share price is an important measurement of our business performance.”
“This is an important day not only for me and our Company but for the Browning Family, which has a built a long-lasting imprint on the film and television businesses as the creator, producer or director of such legendary properties as “Creature from the Black Lagoon,” “Flipper,” “20,000 Leagues Under the Sea” and “007, Thunderball,” said William Browning, CEO of Browning.
“All of us at Browning are enthusiastic about our alignment between OHGI, its family of subsidiaries and our rapidly growing business,” said Browning. “I am confident that we will shortly become an OHGI subsidiary and given our trajectory, we are forecasting revenues in the tens of millions of dollars in the upcoming year with our current projects and pipeline. As part of the due diligence process, we met OHGI’s LOVE MEDIA HOUSE management team and there are obvious synergies and efficiencies between their expertise in music and social media and with Banana Whale Studios and 123Wish in terms of content creation.”
About One Horizon Group, Inc.
One Horizon Group, Inc. (NASDAQ:OHGI) is a media and technology acquisition company, which also owns LOVE MEDIA HOUSE, a full-service music production, artist representation and digital media business and an Asia-based secure messaging business and is the majority owner of 123Wish, a mobile app-based celebrity experience company. For more information, please visit: www.onehorizoninc.com
Darrow Associates Contacts for OHGI Bernie Kilkelly (516) 236-7007 Jordan Darrow (512) 551-9296