Grom Social Enterprises, Inc. and Arctic7 Launch Synergy Council to Explore Cross-Division Gaming Production Opportunities
BOCA RATON, Fla., April 04, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc (NASDAQ: GROM), which recently announced that it has entered into a Letter of Intent (LOI) to acquire Arctic7, the Austin, Texas-based game and co-development services provider, today announced the formation of a synergy council that will, upon completion of the acquisition, explore gaming production and other opportunities for ancillary revenue growth.
- BOCA RATON, Fla., April 04, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc (NASDAQ: GROM), which recently announced that it has entered into a Letter of Intent (LOI) to acquire Arctic7, the Austin, Texas-based game and co-development services provider, today announced the formation of a synergy council that will, upon completion of the acquisition, explore gaming production and other opportunities for ancillary revenue growth.
- Grom, a media, technology, and entertainment company focused on family-friendly programming, web filtering technology and safe social media for kids, intends to explore ways Arctic7’s proven expertise can complement its existing entertainment offerings of safe, social media for kids, its growing catalog of original intellectual properties and its robust 2D animation production studio, based in Manila, the Philippines.
- Specifically, the synergy council will be tasked with delving into ways Grom might embrace kid- and family-friendly gaming into the company's platforms, create original content together and pursue opportunities the acquisition presents for Top Draw Animation's 300+ animation pros.
- Darren Marks, CEO of Grom, said: “The gaming market represents $180B, with children’s gaming being sizable +$20bn of that.