NTN Buzztime Inc. inked a definitive agreement to sell all of its assets related to its Stump! Trivia business to Sporcle Inc. for $1.4 million.
The company expects to close the transaction by Jan. 31. The company said it took additional steps to reduce head count and expects to have about 60 full-time employees when the transaction closes.
"We are pleased with our progress in narrowing our focus further as we expand efforts into our mobile app, lighter product offering and expansion into programmatic ad networks that together form the foundation for our long term growth," NTN CEO Allen Wolff said in Jan. 14 statement. "We intend to use the proceeds from the sale for operations and investment in these growth strategies."
Stump! Trivia is a live, hosted, knowledge-based event that conducts approximately 400 competitive events a week, the majority of them in the Boston area.