Grom Social Enterprises enters definitive documents phase of Arctic7 acquisition

Grom Social Enterprises 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 by Darren Marks, Grom’s CEO. The acquisition of Arctic7 will introduce Grom to the growing and lucrative gaming industry, estimated at $180B 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.