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Helios and Matheson Analytics Inc (NASDAQ:HMNY) announced Thursday it acquired Moviefone from Verizon Communication Inc. (NYSE:VZ)’s Oath for about $8.6 million.
The complete transaction involves $1 million in cash, about 2.6 million shares and warrants for 2.6 million additional shares priced at $5.50; the stake has a one-year lock-up period.
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The website, which aggregates information on new film and TV content, is seen as a complement to Helios and Matheson's majority-owned MoviePass.
“We believe this deal gives MoviePass the opportunity to convert a large number of users into subscribers and provides a platform for enhanced studio marketing and user engagement,” Canaccord Genuity analyst Austin Moldow said in a Thursday note.
By Canaccord's estimates, MoviePass’ user base “minimally” overlaps with Moviefone’s, and the new site expands MoviePass’ marketable real estate.
“Owning the property will also increase the amount of ad inventory MoviePass can sell,” Moldow said.
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Moviefone is the largest independent brand of movie entertainment sites and ranks fourth in its subcategory for monthly unique visitors. Although it historically reported solid traffic, with 20-percent year-over-year growth in 2016, last year saw a decline.
The site averaged 7.2 million monthly views in 2016, but that figure has fallen to 3 million as of February, Moldow said.
“[B]ut we believe the brand will get the attention and focus from MoviePass that will reinvigorate the brand and grow the audience back to, if not above, prior levels,” Canaccord wrote.
Helios and Matheson initially spiked on the deal announcement but was down more than 2 percent at the time of publication Thursday afternoon.
Related Links:
AMC Theaters Back On MoviePass App
Helios And Matheson CEO: MoviePass 'Will Be The Biggest Theater Company Without Owning Any Theaters'
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.