Grom Social Enterprises, Inc. Agrees to Acquire Majority Control of Kids and Family Content Creator Curiosity Ink Media LLC
July 29 2021 - 8:00AM
via NewMediaWire -- Grom Social Enterprises,
Inc. (NASDAQ: GROM) (“Grom” or the “Company”) today
announced it has entered into a definitive purchase agreement to
acquire 80% of the equity and control of Curiosity Ink Media LLC
(“Curiosity” or “CIM”) – a producer and developer of original kids
and family content – which is expected to complement the Company’s
existing offerings of brand-safe social media for kids, animation
production and web filtering solutions. Upon completion of the
acquisition, Grom will retain one of the key architects of
Curiosity’s early success, Brent Watts, in his current role as
Chief Creative Officer, where he will continue to cultivate
storytelling IP for Curiosity and provide visual design acumen for
the studio. The announcement was made by Darren Marks, Grom’s
Chairman and Chief Executive Officer. Closing of the purchase
transaction is subject to certain regulatory and other customary
closing conditions, and is expected to take place in mid-August
2021.
The acquisition will bring Curiosity’s original IP catalog to
the Company’s portfolio of assets, with Watts helping to spearhead
Curiosity’s migration into the Grom family. Watts will again join
Russell Hicks, one of Curiosity’s founders, whose role as Chief
Content Officer and President of Top Draw Animation, Inc. was
announced in April. Since its inception in 2017, Curiosity
has fostered multiplatform storytelling content in publishing,
preschool entertainment, series development, feature film
franchises and ancillary revenue opportunities.
Curiosity recently unveiled a host of initiatives that are
expected to bring its multiplatform IP to market for consumers
everywhere in the coming months and years. Some of the projects
that CIM recently announced include: a collaboration with global
toy company Cepia LLC to develop the hit online shorts Cats vs.
Pickles into a television series; and an original animated holiday
musical feature Santa.com, which will serve as a companion to a
Santa.com virtual holiday hub and ecommerce initiative.
Additionally, CIM will foray into publishing with new partner
Dynamite Entertainment, to create books for kids rooted in
Curiosity’s original IP and other brands, kicking off with PAW
PatrolTM and Baldwin’s Big Adventure, which is being developed
into an animated preschool series.
“We believe bringing Curiosity Ink Media and Brent Watts into
the Grom family furthers our mission to serve today’s kids and
families in new and exciting ways,” explains Marks. “Incredible IP,
being championed by several proven kids’ entertainment executives,
underscores our commitment to premium content that we believe
unleashes significant opportunities to boost and expand our
portfolio.”
Watts will continue to guide Curiosity’s design, content
acquisitions, synergy and overall growth strategy. Earlier in his
career, he founded and served as Executive Creative Director for
Struck – the award-winning boutique design and advertising agency
specializing in breakthrough brand building, design, experiential
spaces and digital engagement. While there, Watts made his mark
through innovative design solutions on behalf of the agency’s
blue-chip clientele, including Pinterest, McDonald’s, Disney,
Warner Bros. Paramount Pictures, Sony Corp., Universal Pictures and
DreamWorks SKG. Watts was the creative force behind Will.i.am’s
Wizards and Robots and award-winning title designs for films such
as Lemony Snicket’s A Series of Unfortunate Events, and Universal’s
Land of the Lost. Also, his versatility allowed him to be the
creative lead on the design of the medals and torch presented at
the Salt Lake 2002, Winter Olympics.
About Curiosity Ink Media LLCCuriosity is a
global media company that develops, acquires, builds, grows and
maximizes the short, mid & long-term commercial potential of
Kids & Family entertainment properties and associated business
opportunities. Driven by a highly experienced leadership team, CIM
is committed to establishing a multi-faceted IP library designed to
amass ongoing value through strategic stewardship, partnerships and
highly targeted market entry.
About Grom Social Enterprises, Inc.Grom is a
growing social media platform and original content provider of
entertainment for children under 13 years of age, which provides
safe and secure digital environments for kids that can be monitored
by their parents or guardians. The Company has several operating
subsidiaries, including Grom Social, Inc., which delivers its
content through mobile and desktop environments (web portal and
apps) that entertain children, let them interact with friends,
access relevant news, and play proprietary games while teaching
them about being good digital citizens. The Company owns and
operates Top Draw Animation, Inc., which produces award-winning
animation content for some of the largest international media
companies in the world. Grom also includes Grom Educational
Services, Inc., which has provided web filtering services for K-12
schools, government and private businesses. For more information,
please visit gromsocial.com.
Forward-Looking StatementsThis press release
contains statements, which may constitute “forward-looking
statements.”. Those statements include statements regarding the
intent, belief, or current expectations of Grom and members of its
management team as well as the assumptions on which such statements
are based. Such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those contemplated by
such forward-looking statements. Important factors currently known
to management that may cause actual results to differ from those
anticipated are discussed throughout the Company’s reports filed
with Securities and Exchange Commission which are available at
www.sec.gov as well as the Company’s web site at
www.gromsocial.com. The Company undertakes no obligation to update
or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
For Grom Social Enterprises, Inc./Curiosity Ink
MediaMarianne Romano818-681-0849Romanomarianne@me.com
For Grom Social Investor Relations John
McNamara/TraDigital IR 917-658-2602 john@tradigitalir.com
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