As part of its preparation for their initial public offering, the Vancouver-born company appointed three new directors to its Board, Marcel Reichart, formerly of Bertelsmann Investments, Michele Romanow, CBC Dragon and co-founder of Clearbanc, and Ryan Holmes, co-founder and Chairman of Hootsuite.
Founded in 2005, BBTV provides end-to-end content management and technology solutions for independent content creators and media companies to grow their presence online.
Bertelsmann’s RTL Group acquired controlling interest of BBTV from founder Shahrzad Rafati in 2013 for $36 million. Last month Rafati’s BBTV Holdings raised $172 million through an initial public offering and used the proceeds to re-acquire control from Bertelsmann.
The three new board members join lead director Hamed Shahbazi and Rafati as BBTV’s Board Chair.
Shahbazi and Rafati participated alongside public investors in the IPO, investing a total of approximately $17.5 million for approximately 10% of the offering. Shahbazi is the founder and CEO of WELL Health Technologies.
“BBTV has assembled a strong and engaged board of directors that consists of accomplished entrepreneurs and highly experienced operators. They bring complimentary skills and diverse experiences from their media, technology, social media, capital allocation and capital markets backgrounds,” commented Rafati on the appointments.
“Their insight will be invaluable to the business as we enter this next growth phase and our path forward as a public company. On behalf of the Company, I welcome the new members to the Board and we have already benefited from their counsel.”
BBTV also announced today that they will hold their first results call on November 13th to review their 2020 third quarter results. Rafati will be joined by CFO Todd Tappin to discuss the company’s over-arching growth strategy and overall outlook for the business.
As part of the disclosure in their final prospectus, BBTV pre-announced two of its primary metrics for Q3 as part of an update on the business and the impact of the COVID-19 pandemic. At that time, the company estimated its views increased by more than 15% in Q3 2020, compared to the same period in 2019 and estimated its revenue increased by more than 25% in Q3 2020 compared to the same period last year.