GROMW - Arctic7 Set To Be Acquired By Media Technology & Entertainment Company Grom Social Enterprises Inc | Benzinga
Florida-based, NASDAQ-listed entertainment provider enters into Letter of Intent to acquire Arctic7 to broaden its portfolio of offerings
Arctic7 bolsters strategy to become a leader in the intersection of game development, co-development, virtual production, transmedia IP extension
AUSTIN, Texas, March 14, 2024 (GLOBE NEWSWIRE) -- Arctic7, which provides a robust suite of full game and co-development services together with own intellectual property development within gaming, and virtual production services for the movie and TV industry, has today announced it has agreed to be acquired by Grom Social Enterprises, Inc (NASDAQ:GROM).
Grom – a media, technology, and entertainment company focused on family-friendly programming, web filtering technology and safe social media for kids – has entered into a non-binding letter of intent to acquire Arctic7. Grom aims to complement its existing entertainment offerings of safe, social media for kids and its growing catalog of original intellectual property with a move into gaming.
Arctic7 CEO Igor Efremov said: "Our vision for Arctic7 is to become a leader in the gaming and film & TV space, offering full game development, co-development, transmedia and virtual production capabilities and ensuring we continue to develop a world class team together with strong relationships across the industry. Teaming up with Grom allows us to more vigorously pursue a roll up strategy approach to potentially expand our business even further. Next week, we'll be at GDC 2024, which is ...