Media tech company BBTV (BBTV Stock Quote, Chart, News, Analysts, Financials TSX:BBTV) has brought on a new VP of Corporate Development, investment banker Blake Corbet, who was former managing director and co-head of investment banking at PI Financial.
BBTV announced the appointment on Wednesday, saying the company expects to be heavy on the M&A front over the next while and will benefit from Corbet’s strategic guidance.
“BBTV has developed a deep pipeline of potential accretive acquisitions that could strategically support organic business growth, especially across the company’s higher margin Plus Solutions,” said BBTV CEO and Chair Shahrzad Rafati in a press release.
“As a public company, we remain focused on allocating capital strategically and leveraging our data and relationships to further enhance revenue and margins. We’re excited to add Blake’s deep financial expertise as we further expand the business,” Shahrzad said.
Corbet is an industry veteran with decades of experience in the capital markets, including stints with Haywood and CIBC World Markets.
Through its wholly-owned subsidiary BroadbandTV, Vancouver-based BBTV is an end-to-end management, distribution and monetization business for video content providers with a multi-channel network. The company had upwards of 473 billion in annual views last year, growing at a 12-per-cent clip in 2020.
The company announced in January that it is number one across all media companies in terms of total monthly watch-time with 51.8 billion minutes as per a November report from comScore, which put VEVO in second with 29.5 billion minutes, WarnerMedia at 24.8 billion and the Walt Disney Company at 24.2 billion.
BBTV IPO’d this past October at $16.00, raising $172.4 million in the process, but the stock has since been up and down, currently trading in the $12.00 range.
Ahead of fourth quarter and full year 2020 financials from BBTV scheduled for March 4, the company pre-announced Q4 numbers in late January where revenue was expected to increase by 35 per cent year-over-year and gross profit was pegged to grow by more than ten per cent.
BBTV last reported earnings on November 13 where its third quarter featured revenue up 31 per cent year-over-year to $120.7 million and a net loss of $2.0 million compared to a loss of $2.7 million a year earlier.
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