Heartland Media Acquisition, a blank check company formed by Heartland Media targeting media, entertainment, and sports, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Atlanta, GA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Heartland Media Acquisition would command a market value of $250 million.
The company is led by CEO and Director Robert Prather Jr., the founder and CEO of Heartland Media, CEO of Allen Media Broadcasting, and former COO of Gray Television. The company plans to target the media, entertainment, and sports sectors, focusing on businesses that generate stable revenue and cash flows, have defensible market positions, and have potential for additional synergistic M&A activity, among other characteristics.
Heartland Media Acquisition was founded in 2021 and plans to list on the NYSE under the symbol HMA.U. BofA Securities and Moelis & Company are the joint bookrunners on the deal.
