Engine Media Holdings (MJ0) has provided an update.
On May 31, 2024, Frankly Media LLC, a subsidiary of GameSquare Holdings, divested its Frankly Producer CMS platform and press release distribution services in separate deals to UNIV, Ltd. and XPR Media LLC, respectively. UNIV agreed to a $1.5 million payment plan, while XPR’s purchase was for $700,000, both involving secured promissory notes with 8% annual interest. Frankly also secured a 50% commission on net ad sales from UNIV for a year and shed approximately $2.3 million in annual operating costs from these sales, streamlining its business operations.
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