GROM SOCIAL ENTERPRISES, INC.
AGREES
TO ACQUIRE
MAJORITY
CONTROL
OF
KIDS AND
FAMILY CONTENT CREATOR CURIOSITY INK MEDIA
LLC
Curiosity Executive Brent Watts
to
Join Grom in Key Leadership Role to Guide Growth,
Strategy and Revenue Opportunities
BOCA
RATON, FL
-
July
29,
2021 -- Grom Social Enterprises, Inc. (NASDAQ: GROM)
("Grom"
or
the "Company")
today announced it has entered
into a definitive purchase agreement to acquire
80%
of
the
equity and control of Curiosity
Ink Media LLC ("Curiosity" or
"CIM")
-
a
producer and developer of original kids
and
family
content
-
which
is expected to
complement the Company's existing offerings of brand-safe social
media for kids, animation production and web filtering
solutions. Upon
completion
of
the acquisition,
Grom will
retain
one
of
the key
architects
of
Curiosity's early success,
Brent
Watts, in
his
current
role
as Chief
Creative
Officer,
where
he will continue to cultivate storytelling IP for Curiosity
and
provide visual design acumen for the studio.
The
announcement
was
made
by Darren Marks, Grom's Chairman and Chief Executive
Officer. Closing
of the purchase
transaction is subject to certain regulatory and
other customary closing conditions,
and is expected to take place in
mid-August
2021.
The
acquisition will
bring
Curiosity's original IP catalog to
the Company's portfolio
of
assets,
with
Watts helping to spearhead
Curiosity's migration into the Grom family. Watts
will
again
join
Russell Hicks, one of Curiosity's
founders, whose role as Chief
Content Officer and President of Top Draw
Animation,
Inc. was
announced in April. Since
its inception in 2017, Curiosity has fostered multiplatform
storytelling content in publishing, preschool entertainment, series
development, feature film franchises and ancillary revenue
opportunities.
Curiosity
recently
unveiled a host of initiatives that are
expected to bring
its
multiplatform
IP to
market for consumers
everywhere in the coming months and years. Some
of the
projects that
CIM recently
announced
include:
a
collaboration with global toy company Cepia LLC to
develop
the
hit online
shorts
Cats
vs. Pickles into a
television
series;
and an original
animated
holiday
musical feature Santa.com,
which
will serve as a companion to
a
Santa.com
virtual
holiday hub and ecommerce
initiative.
Additionally,
CIM
will
foray into publishing with
new partner Dynamite
Entertainment,
to
create books for kids rooted in Curiosity's original IP and
other brands,
kicking off with PAW
PatrolTM
and
Baldwin's
Big Adventure,
which
is being
developed into an
animated preschool
series.
"We
believe bringing Curiosity
Ink Media and Brent Watts into the Grom family furthers our
mission
to serve today's kids and families in new and exciting ways,"
explains Marks. "Incredible
IP,
being
championed by several proven kids' entertainment
executives,
underscores
our
commitment to premium content that we
believe unleashes
significant
opportunities
to
boost
and expand our
portfolio."
Watts
will
continue to guide Curiosity's design,
content acquisitions,
synergy and
overall growth strategy. Earlier in
his career, he
founded and served as Executive Creative
Director for Struck - the award-winning boutique
design
and advertising
agency specializing in breakthrough brand
building, design,
experiential spaces and digital
engagement. While there,
Watts
made his mark through innovative design
solutions on behalf
of the agency's blue-chip
clientele,
including Pinterest,
McDonald's, Disney,
Warner
Bros. Paramount
Pictures, Sony
Corp., Universal
Pictures and DreamWorks SKG.
Watts was
the
creative force behind Will.i.am's
Wizards
and Robots and award-winning
title designs for films such as Lemony
Snicket's A
Series
of Unfortunate Events, and
Universal's Land
of the Lost.
Also,
his
versatility allowed him to
be the
creative lead on the design of the medals
and
torch presented at
the
Salt
Lake 2002, Winter
Olympics.
About Curiosity Ink Media LLC
Curiosity
is a
global media company that develops, acquires, builds, grows and
maximizes the short, mid & long-term commercial potential of
Kids & Family entertainment properties and associated business
opportunities. Driven by a highly experienced leadership team,
CIM
is
committed to establishing a multi-faceted IP
library
designed to amass ongoing value through strategic stewardship,
partnerships and highly targeted market entry.
About Grom Social Enterprises, Inc.
Grom
is a growing social media platform and original content provider of
entertainment for children under 13 years of age, which provides
safe and secure digital environments for kids that can be monitored
by their parents or guardians. The Company has several operating
subsidiaries, including Grom Social, Inc.,
which
delivers its content through mobile and desktop environments (web
portal and apps) that entertain children, let them interact with
friends, access relevant news, and play proprietary games while
teaching them about being good digital citizens. The Company owns
and operates Top Draw Animation, Inc.,
which
produces award-winning animation content for some of the largest
international media companies in the world. Grom also includes Grom
Educational Services, Inc.,
which
has provided web filtering services for K-12 schools, government
and private businesses. For more information, please visit
gromsocial.com.
Forward-Looking Statements
This
press release contains statements, which may constitute
"forward-looking statements.". Those statements include statements
regarding the intent, belief, or current expectations of Grom and
members of its management team as well as the assumptions on which
such statements are based. Such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that may cause actual results
to differ from those anticipated are discussed throughout the
Company's reports filed with Securities and Exchange Commission
which are available at www.sec.gov as well as the Company's web
site at www.gromsocial.com. The Company undertakes no
obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
#
# #
For Grom
Social Enterprises, Inc./Curiosity
Ink Media
Marianne
Romano
818-681-0849
Romanomarianne@me.com
For Grom
Social
Investor Relations
John
McNamara/TraDigital
IR
917-658-2602
john@tradigitalir.com