Fenix Entertainment, a company listed on Euronext Growth Milan and active in the production of film and television content, has signed an agreement for the acquisition of 60% of Verve Media Company. The agreement also provides for the right for Fenix to acquire the remaining shares in a time window following the approval of the Verve financial statements for the year 2024. Fenix acquired the company for 1.2 mln€, subject to the application of specific price adjustment mechanisms. Part of the consideration is expected to be paid in cash (for 365,000 euros) and part to be paid in Fenix shares that will be issued as part of a Fenix share capital increase for 835,000 euros.
Verve Media Company has been developing and producing original television and multimedia content for all major distribution platforms on the national and international markets for more than 10 years. The company closed 2021 with a production value of approximately € 2.1 million, an EBITDA of € 659 thousand and a (negative) NFP of € 1.7 million. Verve's team has conceived and produced over 5,000 hours of programming in different areas (light entertainment, infotainment, game show, docu-reality and documentary film). Lorenzo Torraca will be appointed CEO of Verve for a three-year period and Samantha Baldi will be confirmed as its administrative manager.