Heartland Media Acquisition, a blank check company formed by Heartland Media targeting media, entertainment, and sports, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company originally planned to offer 20 million units before lowering the proposed deal size on Tuesday.
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 plans to list on the NYSE under the symbol HMA.U. BofA Securities and Moelis & Company acted as joint bookrunners on the deal.
