Triller, the social media platform majority-owned by former Relativity Media chief Ryan Kavanaugh, is going public in a reverse merger with ad tech firm SeaChange
The deal will result in a new entity called TrillerVerz, which will be valued at $5 billion and trade on theunder the new ticker symbol ILLR. SeaChange has already been a public company. Its shares jumped 38% on the news, to about $2.46.
Triller has gained traction by live-streaming a series of boxing matches featuring unorthodox but widely tracked participants like YouTube personality Jake Paul. Another key holding is Verzuz, the live-stream music platform launched by established music industry figures Swizz Beatz and Timbaland. Kavanaugh remains unpopular in some Hollywood circles after the meltdown of Relativity, which filed for bankruptcy twice in three years and left some partners holding the bag. His name does not appear in the press release announcing the merger. Upon the close of the deal in the first quarter of 2022, the combined company will be led by TrillerVerz CEO Mahi de Silva, who will also become chairman.
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