Dolphin Entertainment, Inc. acquired Shore Fire Media, Ltd. from Marilyn Laverty for $2.6 million.
December 02, 2019
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Dolphin Entertainment, Inc. (NasdaqCM:DLPN) acquired Shore Fire Media, Ltd. from Marilyn Laverty for $2.6 million on December 3, 2019. The consideration includes $1 million in cash and 314,812 shares of Dolphin Entertainment at closing, $1 million in cash to be paid in four equal payments of $0.25 million each on the six, twelve, and twenty-four month anniversaries of the closing date, $0.4 million in shares of Dolphin Entertainment to be paid in two equal installments of $0.2 million each on the first and second anniversary of the closing date. In addition, $0.14 million in cash is payable is to the key employees on closing, and $0.14 million and $0.12 million in cash on the first and second anniversary of the closing date. As part of Dolphin Entertainment, Shore Fire will continue to operate under its own name out of its existing offices in Brooklyn, Los Angeles and Nashville, with Marilyn Laverty serving as President, and Mark Satlof, Matt Hanks and Rebecca Shapiro continuing to serve as Senior Vice-Presidents. As a condition to the purchase, Marilyn Laverty entered into an employment agreement with Dolphin Entertainment to continue as employees after closing. Randy Bullard of Morrison Foerster LLP served as legal counsel to Dolphin Entertainment and Alyson M. Leone of Wilentz, Goldman & Spitzer P A served as legal counsel to Shore Fire Media.
Dolphin Entertainment, Inc. (NasdaqCM:DLPN) completed the acquisition of Shore Fire Media, Ltd. from Marilyn Laverty on December 3, 2019.
Dolphin Entertainment, Inc. is an independent entertainment marketing and production company. Through its subsidiaries, 42West LLC (42West), The Door Marketing Group LLC (The Door), and Shore Fire Media, Ltd (Shore Fire Media), the Company offers marketing and publicity services to various brands in the film, television, music, gaming, and hospitality industries. The Company operates through two segments: entertainment publicity and marketing and content production. The entertainment publicity and marketing segment provides clients with diversified services, including public relations, entertainment content marketing, strategic communications, social media and influencer marketing, celebrity booking, creative branding, and the production of promotional video content. The content production segment consists of Dolphin Films, Inc. (Dolphin Films) and a department within Dolphin, which develops, produces, and distributes feature films, television and digital content.