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Apollo and BlackRock are in discussions to provide new debt financing for the merger of two Amazon aggregators, Branded and Heyday. The merger comes as the once-booming industry continues to shrink. Branded plans to acquire Heyday in exchange for $521 million in equity, forming a new company named Essor.
Amazon has pulled its planned $115 million financing in Diamond, parent of Bally Sports Regional Networks, will remain a partner, a potential streaming choice. Diamond appears to still have sufficient funding to emerge from chapter 11.
Sources: Amazon aggregators Branded and Heyday plan to merge; Branded would acquire Heyday in exchange for $521M in equity in a new company to be named Essor (@spencersoper / Bloomberg) https://t.co/ihDSFz2M60 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/xVovgUbZtO
Amazon aggregators Branded and Heyday plan to merge as once-booming industry continues to shrink https://t.co/Ra5qkCVvv7
