Conservative Broadcast Media & Journalism (OTC:CBMJ) Stock Rallies After Acquisition News
The alternative media space has grown at an impressive pace in recent years, and one of the companies in the space that investors may look into is Conservative Broadcast Media & Journalism Inc. (OTC:CBMJ). Yesterday, the company’s stock emerged as one of the notable gainers and ended up with gains of 9%.
On December 5, the company was in the news cycle after it announced that it had signed a Letter of Intent with LTV Streaming Inc. As per the terms of the LOI, the company would acquire some of the assets owned by LTV Streaming.
Mark Schaftlein, CEO of both Conservative Broadcast Media & Journalism and Capital Consulting Inc., says, “Adding the platform reach, reputation, and future revenues from the assets being acquired from LTV significantly increases CBMJ’s growing footprint as a powerhouse in the patriot media world. We look forward to completing this acquisition of key assets over the next few weeks.”
The news was welcomed enthusiastically by investors, and it remains to be seen if the Conservative Broadcast Media & Journalism stock can maintain its momentum today. The transaction would be completed by the end of December 2023. In the news release, it was noted that the assets included in the deal are those that help LTV’s streaming news network and other assets.
Those assets help in disseminating entertainment, news, and other content meant for conservative and Christian audiences. Conservative Broadcast Media & Journalism would acquire the assets in a deal worth $2,300,000. In exchange, the company would issue 15,333,333 restricted shares with an agreed-upon value of $0.15 each.
The Chief Executive Officer of the company, Mark Schaftlein, spoke about the deal as well. He noted that the addition of the reputation, reach, and revenues of LTV would help in growing the foot print of Conservative Broadcast Media and Journalism considerably in the world of ‘patriot media’. He went on to add that he looked forward to the completion of the transaction in the upcoming weeks. Floyd Brown, a veteran in the conservative media space, noted that it was also the next step in the company’s quest to build a formidable conservative media entity.