NTN Buzztime Enters Asset Purchase Agreement to Sell Entertainment and Advertising Assets
NTN Buzztime, Inc. signed a definitive asset purchase agreement to sell its social entertainment, customer engagement, and advertising technology assets to eGames.com Holdings LLC (eGames.com) for $2.0 million in cash. The proposed transaction is expected to close in the fourth quarter of 2020 subject to the satisfaction or waiver of closing conditions in the purchase agreement.
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eGames.com is a game publishing business. Founder Aram Fuchs said, “Close to 30 years ago, I saw Buzztime for the first time. As a hedge fund analyst and gaming aficionado, I was excited by Buzztime’s prospects. Since, Buzztime has built a formidable, loyal player network with its engaging entertainment offerings, including trivia, sports, card, and arcade games. I am ecstatic to join the team now and intend to leverage the talents of eGames.com’s network of independent game developers to help realize Buzztime’s full potential. Further, we expect to generate synergies to grow Buzztime’s out-of-home advertising network organically and with eGames.com’s assets.”
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“For over 35 years, Buzztime has amassed a loyal player and customer base and more recently expanded its offering with effective out-of-home advertising,” said Allen Wolff, CEO of NTN Buzztime. “We believe that this asset sale will generate benefits for various stakeholders. By selling our game network, we will preserve our compelling in-venue experience that engages patrons for Buzztime customer venues. The cash purchase price we will receive will strengthen our balance sheet and improve our stockholders’ position with respect to the previously announced proposed reverse merger with Brooklyn Immunotherapeutics LLC.”
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