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Grom Social Enterprises Working Towards Definitive Documents Phase of Acquisition of Texas-based Arctic7 Full Gaming Developer

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Grom Social Enterprises, Inc. (NASDAQ: GROM) is progressing towards the definitive documents phase for the acquisition of Arctic7, Inc., a Texas-based gaming industry service provider. This move will expand Grom's entertainment offerings to include gaming development and virtual production services. The acquisition allows Grom to tap into the $180 billion gaming industry, with $20 billion dedicated to kids' gaming. Grom's Curiosity Ink Media division will soon release two new projects for international distribution, marking the company's foray into original film and TV content.

Grom Social Enterprises, Inc. (NASDAQ: GROM) sta avanzando verso la fase dei documenti definitivi per l'acquisizione di Arctic7, Inc., un fornitore di servizi nell'industria dei videogiochi con sede in Texas. Questa mossa amplierà le offerte di intrattenimento di Grom includendo lo sviluppo di giochi e servizi di produzione virtuale. L'acquisizione permetterà a Grom di entrare nel mercato dei giochi, valutato 180 miliardi di dollari, con 20 miliardi dedicati ai giochi per bambini. La divisione Curiosity Ink Media di Grom lancerà presto due nuovi progetti per la distribuzione internazionale, segnando l'ingresso della compagnia nel contenuto originale cinematografico e televisivo.
Grom Social Enterprises, Inc. (NASDAQ: GROM) está avanzando hacia la fase de documentos definitivos para la adquisición de Arctic7, Inc., un proveedor de servicios de la industria del juego con sede en Texas. Este movimiento expandirá las ofertas de entretenimiento de Grom para incluir el desarrollo de juegos y servicios de producción virtual. La adquisición permitirá a Grom incursionar en la industria de los juegos, valorada en 180 mil millones de dólares, con 20 mil millones dedicados a juegos para niños. La división Curiosity Ink Media de Grom pronto lanzará dos nuevos proyectos para distribución internacional, marcando la incursión de la compañía en el contenido original de películas y televisión.
Grom Social Enterprises, Inc. (NASDAQ: GROM)는 텍사스에 기반을 둔 게임 산업 서비스 제공업체인 Arctic7, Inc.의 인수를 위한 최종 문서 단계로 진전하고 있습니다. 이 움직임은 Grom의 엔터테인먼트 제공을 게임 개발과 가상 프로덕션 서비스로 확장할 것입니다. 이번 인수로 Grom은 1,800억 달러 규모의 게임 산업, 그중 200억 달러는 어린이 게임 시장에 진출할 수 있게 됩니다. Grom의 Curiosity Ink Media 부서는 곧 두 개의 새로운 프로젝트를 국제적으로 배포할 예정으로, 회사의 영화 및 TV 오리지널 콘텐츠 분야로의 진출을 표시합니다.
Grom Social Enterprises, Inc. (NASDAQ: GROM) progresse vers la phase de documents définitifs pour l'acquisition d'Arctic7, Inc., un prestataire de services dans l'industrie du jeu basé au Texas. Ce mouvement va étendre les offres de divertissement de Grom pour inclure le développement de jeux et les services de production virtuelle. L'acquisition permettra à Grom de pénétrer l'industrie du jeu, évaluée à 180 milliards de dollars, avec 20 milliards dédiés aux jeux pour enfants. La division Curiosity Ink Media de Grom publiera bientôt deux nouveaux projets pour une distribution internationale, marquant l'entrée de la compagnie dans le contenu original de films et de télévision.
Grom Social Enterprises, Inc. (NASDAQ: GROM) schreitet zur endgültigen Dokumentenphase für die Übernahme von Arctic7, Inc., einem in Texas ansässigen Dienstleister der Spieleindustrie, voran. Diese Bewegung wird Groms Unterhaltungsangebote um die Entwicklung von Spielen und virtuelle Produktionsdienste erweitern. Die Akquisition ermöglicht Grom, in die 180 Milliarden Dollar schwere Spieleindustrie einzusteigen, mit 20 Milliarden Dollar, die für Kinderspiele vorgesehen sind. Groms Curiosity Ink Media Abteilung wird bald zwei neue Projekte für internationale Distribution veröffentlichen und damit den Einstieg des Unternehmens in originale Film- und TV-Inhalte markieren.
Positive
  • Grom Social Enterprises is diversifying its portfolio by acquiring Arctic7, Inc., a Texas-based gaming industry service provider, expanding its entertainment offerings.

  • The acquisition of Arctic7 opens up opportunities for Grom to explore synergies across its suite of offerings, catering to today's families' entertainment demands.

  • Grom's upcoming projects, Santa.com and Hey Fuzzy Yellow!, mark the company's entry into original film and TV content, showcasing its growing catalog of intellectual property.

Negative
  • The pending acquisition of Arctic7 is still in the definitive documents phase, subject to negotiation and completion, which poses a level of uncertainty until finalized.

  • While Grom aims to tap into the lucrative gaming industry through the acquisition, the success of the integration and synergy exploration remains to be seen, with challenges in merging different service offerings.

Grom Aims to Broaden its Portfolio of Entertainment Offerings

BOCA RATON, Fla., April 30, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc. (NASDAQ: GROM), a leading provider of family-friendly media and technology solutions, today announced that it has entered the definitive documents draft phase for its slated acquisition of Arctic7, Inc. (Arctic7.com), the emerging Texas-based gaming industry service provider. The pending deal was announced jointly by both companies in March as the companies entered into a non-binding letter of intent. Upon completion of the transaction, Arctic7’s gaming development and virtual production services would be offered alongside Grom’s current portfolio of kids’ and family entertainment, social media and educational services. The move into definitive documents was confirmed today by Darren Marks, Grom’s CEO.

“Grom is poised and ready to advance past due diligence review as we join executives from Arctic7 in the preparation and negotiation of all necessary definitive transition documents,” explains Marks.

The acquisition of Arctic7 will introduce Grom to the growing and lucrative gaming industry, estimated at $180B ($20B of which represents kids’ gaming) and allow Grom to explore synergies across its suite of offerings, which primarily cater to the entertainment demands of today’s families. Next year, Grom’s Curiosity Ink Media division will debut two co-productions, a feature film, Santa.com, and an original preschool series, Hey Fuzzy Yellow! – both slated for international distribution. These premiere franchises are the first film and TV series to come out of Grom's growing catalog of original intellectual property.

Looking forward, Arctic7 is anticipated to operate as a division within Grom and will continue to execute against its current strategy of delivering exciting and engaging experiences for players and partners. In the coming weeks and months, Grom and Arctic7 intend to explore partnership opportunities and titles presented by the Grom acquisition.

About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. (NASDAQ: GROM) is a growing social media platform and original content provider of entertainment for children under 13, 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, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, lets them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens and Curiosity Ink Media, 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. The Company also owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. Grom also includes Grom Educational Services, which provides web filtering for K-12 schools, government and private businesses. For more information, please visit https://gromsocial.com or for investor relations, please visit https://investors.gromsocial.com

About Arctic7
Established in 2022, Arctic7 is an industry leading team focused on delivering exceptional experiences via full game development, co-development and virtual production. With a focus on forming strategic partnerships, we aim to work with the world’s leading gaming, TV and movie companies delivering unparalleled experiences to our partners and players. Our diverse and experienced team, drawn from industry-leading gaming, film, and TV companies, is uniquely equipped to excel in this mission. With a growing global footprint, our four studios are strategically situated in two US locations, Canada and Europe. Each studio, being an integral part of our collective strength of more than 120 dedicated professionals, contributes to the rich tapestry of culture and creativity that defines Arctic7.
www.arctic7.com

Press contacts:
Paul Ward Paul@gromsocial.com
Jon Goddard Jon@arctic7.com
IR contact Shane@outsidethebox.capital


FAQ

What is Grom Social Enterprises working towards in the acquisition of Arctic7, Inc.?

Grom Social Enterprises is progressing towards the definitive documents phase for the acquisition of Arctic7, Inc., a Texas-based gaming industry service provider, to expand its entertainment offerings.

What are the upcoming projects by Grom's Curiosity Ink Media division?

Grom's Curiosity Ink Media division will soon release two projects for international distribution: Santa.com and Hey Fuzzy Yellow!, marking the company's entry into original film and TV content.

What opportunities does the acquisition of Arctic7 offer Grom Social Enterprises?

The acquisition of Arctic7 allows Grom to explore synergies across its suite of offerings to cater to today's families' entertainment demands, tapping into the lucrative gaming industry.

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