CuriosityStream has reached an agreement to go public through a merger with blank check company Software Acquisition Group.
At the closing of the deal — which will see the special purpose acquisition company acquire the factual streamer at an enterprise value of US$331 million and an equity value of $512 million — CuriosityStream common stock will be listed on the NASDAQ exchange under the ticker symbol “CURI.”
Founder John Hendricks (pictured), founder of Discovery Channel and former chairman of Discovery Communications, will remain chairman of the board as well as the combined company’s largest shareholder
The company will continue to operate under the current management team led by president and CEO Clint Stinchcomb.
Following the closure of the transaction, Software Acquisition Group — led by chairman Jonathan Huberman — will change its name to CuriosityStream Inc. Completion of the proposed business combination is expected in the fourth quarter of 2020.
CuriosityStream currently has more than 13 million paid subscribers in more than 175 countries and territories, as well as over 3,100 titles and 900 originals. The company stated it’s on an original production and content acquisition plan that it projects will grow its streaming library to more than 11,000 premium factual titles within five years.
“CuriosityStream has the unique advantage of being a ‘pure-play’ streaming media service that is not burdened with legacy linear TV assets in cable and broadcasting. Our consumer promise of offering premium factual content on demand in the new era of streaming has been enthusiastically embraced by curious viewers worldwide,” Hendricks said in a statement. “We are excited to now have access to the public capital markets to support our growth plans and to over-deliver on our mission to provide content that informs, enchants and inspires.”
Stinchcomb added: “Unlike nearly every other streaming service that is largely reliant on a single revenue stream, subscription or advertising, we are building five robust, interrelated but distinct business lines. This influx of capital from the sponsors and the Software Acquisition Group team will only accelerate our march to becoming the world’s pure factual solution for consumers, distributors, brands, associations and media partners.”