August 11, (THEWILL) – Spanish soccer giant, FC Barcelona, announced on Friday, that it has reached an agreement to list its content creation division, Barca Media, on the Nasdaq stock exchange through a merger with a Special Purpose Acquisition Company (SPAC).
Under the agreement, Barca Media will merge with Mountain & Co I Acquisition Corp, a blank-check company. The transaction, in a deal that values the combined entity at $1 billion, is expected to close in the fourth quarter of 2023. Once complete, Barca Media will begin trading on Nasdaq under a new ticker symbol.
The landmark deal comes as FC Barcelona, under its President, Joan Laporta, looks to develop new revenue streams and improve its financial position. The club has faced financial struggles in recent years, exacerbated by the COVID-19 pandemic and the high-profile departure of Lionel Messi in 2021.
Listing Barca Media is seen as a key step in Laporta’s efforts to strengthen Barcelona’s finances. Barca Media oversees the club’s content production and distribution arm, an area Barcelona see as an important source of revenue moving forward.
Under the terms of the agreement, existing Barca Media shareholders will retain an 80% stake in the unit, assuming no SPAC shareholders redeem their shares and no further capital is raised. The deal will provide new capital to aid Barca Media’s growth, on one hand, and improve the club’s overall financial health on the other.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
