MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Agreement To Acquire Taomee
- MMV's acquisition will enhance its financial performance and revenue.
- Taomee's revenue and adjusted EBITDA have shown positive growth.
- None.
Founded in 2007, Taomee is one of
"Taomee is a great company whose works have inspired an entire Chinese generation, and continued to be followed and loved by their fans as of today." said Yiran Xu, CEO of MMV. "Their established brands, loyal user base, and commitment to continuous investment in the brands and various forms of entertainment content build up the core value of the company and perfectly align with our strategy for choosing partners. We are excited to work with the talented team at Taomee and leverage our brand-centered business model to unlock the full potential of their brands."
As a pioneer in the Chinese entertainment industry, with its successful track record and expertise in creating original animation and development of video games, MMV has established a brand-centered business model to develop proprietary brands, market them with original user-generated content (UGC), and provide users with immersive entertainment experiences through various online and offline content. This includes developing content for brands that range from digital collectables to books and comics, as well as animations and video games. On top of its proprietary brands, MMV has been searching for acquisitions and partnerships with valuable IPs like those of Taomee to enhance its brand portfolio and create greater synergy.
Purchase Price and Financial Performance
The total purchase price is comprised of a fixed consideration of
During the year ended December 31, 2022, Taomee recorded a total unaudited revenue of
Advisors
Fangda Partners acted as MMV's transaction legal counsel. Deloitte acted as the financial and tax advisor to MMV.
About MultiMetaVerse Holdings Limited
MultiMetaVerse Holdings Limited (NASDAQ: MMV) is an animation and entertainment company dedicated to providing a high-quality, immersive entertainment experience through original, user-generated, and professional user-generated content. MMV's signature Aotu World brand has attracted a broad following among younger audiences in
For more information, please visit https://www.multi-metaverse.com/
For investor and media inquiries, please contact:
MultiMetaVerse Holdings Limited
Investor Relations
E-mail: ir@multi-metaverse.com
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SOURCE MultiMetaVerse Holdings Limited