Broadcasting company Canna Consumer Goods Inc. CBMJ finalized the previously announced acquisition of DeDonato Enterprises LLC.
CBMJ agreed to purchase the Atlanta-based digital marketing agency for $2 million. The price tag includes $200,000 in cash, plus a $1.8 million and potential restricted stock with a two-year holding period.
The Palm Beach, Florida-based buyer said Wednesday that the deal is without delay and accretive on revenue per share, EBITDA per share, and earnings per share basis.
The company also noted that DeDonato’s yearly revenue amounts to approximately $2 million.
In addition, CBMJ would change the business’ name to “Conservative Broadcast Media & Journalism.” The ticker symbol of CBMJ would not change, the company confirmed.
CBMJ CEO Mark Schaftlein is “exceptionally pleased” to close the acquisition.
“DeDonato immediately increases our revenue and earning power, with the potential for significant growth over the coming years,” Schaftlein said.
DeDonato CEO Brandon Vallorani shared Schaftlein’s enthusiasm regarding the new partnership. The goal is to “build a pre-eminent platform for conservative broadcast, media, and journalism and related products,” he said.
Other accretive acquisitions are expected to come about in the years ahead, the company said.
“With Mark and the CBMJ team’s financial and public market expertise, we believe that we have a winning combination,” Vallorani said.
Courtesy image
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!