VIRGINIA BEACH - Bravo Multinational, Inc. (OTC:BRVO), a company seeking growth in entertainment and technology, has signed a Letter of Intent (LOI) to purchase assets from Streaming TVEE, Inc. (STV). This strategic move, announced on December 20, 2023, is aimed at laying the groundwork for Bravo's proposed streaming service, TVee NOW™.
The acquisition, valued at $9.76 million, will be financed through a mix of a $7.76 million convertible promissory note and the assumption of $2 million in STV debt. The conversion of the note is tied to Bravo's stock price as of December 11, 2023, which was $0.15625.
The assets under consideration include technology and streaming rights for a music library, which would enable Bravo to offer a combination of linear TV and on-demand content. The proposed content array spans movies, series, shows, concerts, comedy specials, and other events, all to be available without cost to viewers.
The completion of this transaction is contingent upon customary due diligence and the drafting of a definitive agreement. STV is in the process of beta testing the TVee NOW platform on Roku (NASDAQ:ROKU), with the aim of blending traditional broadcast TV with a comprehensive on-demand library.
This acquisition is part of Bravo's broader strategy to innovate in the digital content space and deliver diverse experiences to a global audience.
This news is based on a press release statement from Bravo Multinational Incorporated.
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