Digital media holding company Bright Mountain Media Inc. entered into a share exchange agreement and plan of merger to purchase S&W Media Group in a cash-and-stock transaction.
Under terms of the merger agreement, Bright Mountain will acquire all outstanding shares of S&W Media Group in exchange for an aggregate of 13 million shares of its common stock and promissory notes in the aggregate principal amount of $750,000, the company said Aug. 2.
Upon closing of the deal, shares of S&W Media Group as well as Bright Mountain's 13 million shares of common stock will be placed in escrow with a third-party escrow agent. Following the completion of the transaction, Bright Mountain Israel Acquisition Ltd., a Bright Mountain Media wholly owned subsidiary, will merge with S&W Media Group.
Israel-based S&W Media Group is a global, cross-screen video content delivery and monetization platform.