Connect with us

Hi, what are you looking for?

Stock

Advance Magazine seeks credit facility using $1.2 bln Reddit stake- Bloomberg

Investing.com– Advance Magazine, a major Reddit Inc (NYSE:RDDT) shareholder, is planning to establish a credit facility using its stake in the social media platform, Bloomberg reported on Thursday.

Advance is the arm of the Newhouse family that owns several major publishing houses, including Conde Nast, and American City Business Journals.

The company is offering 7.8 million Reddit shares for $145.38 to $148.54 each, valued at as much as $1.2 billion, Bloomberg said, citing people familiar with the matter. The range is a discount of as much as 8% to Reddit’s closing price on Thursday.

Reddit’s shares slid as much as 8% in aftermarket trade, after surging 16% during Thursday’s session.

Advance plans to buy derivatives on the shares to maintain its ownership in Reddit while creating the credit facility. The firm is among Reddit’s biggest shareholders and has a roughly 30% stake in the firm.

Reddit’s shares have surged over 300% in value since their debut in March, benefiting from the company licensing its content to train artificial intelligence models.

This post appeared first on investing.com

    You May Also Like

    Investing

    In the days since President-elect Donald Trump won the presidential race, Nicole Bivens Collinson’s phone has barely stopped ringing. Collinson, who helps lead the...

    Investing

    Netflix’s cheaper, ad-supported tier has reached 70 million global monthly active users two years after it was launched. The company said Tuesday more than...

    Editor's Pick

    Adani Group shares experienced a rebound on Monday, recovering from last week’s steep losses sparked by U.S. criminal charges against Chairman Gautam Adani and...

    Stock

    Investing.com – Trip.com ADR (NASDAQ: TCOM) reported third quarter EPS of ¥7.05, ¥0.12 better than the analyst estimate of ¥6.93. Revenue for the quarter...



    Disclaimer: Techreportdiversity.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Techreportdiversity.com