FT. WORTH, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Lottery.com Inc. (Nasdaq: LTRY) ("Lottery.com" or "the Company"), an online lottery and digital entertainment provider, is pleased to announce that it has signed a Memorandum of Understanding (MOU) to acquire CMF Media, an award-winning sports content production house. The acquisition, valued at $1 million, will be paid entirely in common stock of Lottery.com to be issued at $3.00 per share. CMF is owned by Charlie Bingham and Miguel Sánchez and will be integrated under the Sports.com brand, which is wholly owned by Lottery.com.
The CMF acquisition is part of the broader buy and build strategy to be executed via a series of acquisitions targeted by Lottery.com to rapidly develop the Sports.com brand. Upon completion of the acquisition, CMF Media will be renamed Sports.com Studios and will continue to create and produce award-winning original sports content that will be showcased on the Sports.com platform. The acquisition of CMF further strengthens Lottery.com's strategic expansion into sports entertainment by providing the production capabilities necessary to develop and deliver compelling original content for Sports.com's growing global audience. Evolving in their roles at Sports.com Studios, Bingham and Sánchez will work alongside Tim Scoffham at recently acquired Sports.com Media.
Matthew McGahan, Chairman and CEO of Lottery.com and Sports.com, commented:
This acquisition of CMF Media is a fantastic fit for us, as it enhances our ability to produce cutting-edge, original sports content. We believe this will generate significant value for Sports.com, leveraging the talented team at CMF Media to build unique, captivating sports programming for our audience."
The first major initiative under Sports.com Studios is expected to be Football Vs, a sports show created by Miguel Sánchez, featuring world renowned footballers and an A-List international music icon. The show is set to push the boundaries of traditional sports programming, delivering a fresh and engaging experience for viewers across the globe.
Charlie Bingham commented:
"At CMF, we are passionate about telling authentic, powerful stories with global appeal. Our vision for Football Vs and other projects aligns perfectly with Sports.com’s mission to deliver top-tier sports content. I’m excited to see what we can achieve together and to captivate new audiences with our innovative storytelling and production."
Charlie has spent 17 years in the television industry, specializing in hosted expedition, natural history and motorsport. He started his career at the BBC Natural History Unit before moving into the independent sector, working in senior editorial roles on such shows as River Monsters, Bear Grylls and The Grand Tour. His expert knowledge of the challenges associated with ambitious creative content and his wealth of field experience and contacts are driving forces behind each of CMF Media's projects.
Miguel Sánchez, co-owner of CMF Media, added:
"Having spent years producing content across various sports platforms, I’m thrilled to bring my experience and passion for sports entertainment to the Sports.com brand. Our team at CMF Media is driven to create innovative formats that resonate with viewers around the world. Together with Sports.com, we will continue to push the boundaries of what’s possible in sports entertainment."
Born and raised in Mexico City, Miguel Sánchez is a self-confessed sports addict with over 13 years of production experience. He was the manager of content and production at Televisa’s VP entertainment office for six years, where he oversaw the 2016 Rio Olympic Games. Later, he was appointed director of development at Banijay MX & US Hispanic. Miguel’s love of sports and in-depth knowledge of global markets form the heart of CMF Media’s drive to deliver an ever-growing slate of innovative and ambitious sports content with scale. His leadership and vision are essential to CMF's success in creating engaging content that resonates with diverse audiences worldwide.
Commenting on the acquisition, Tim Scoffham, director of Sports.com Media added:
"The addition of CMF Media to the Sports.com family is a game-changer. Charlie and Miguel’s experience, combined with our vision for the Sports.com brand, will allow us to produce original, dynamic content that truly engages and excites our audience. We look forward to working together to create a new era of sports entertainment for fans throughout the world."
About CMF Media:
Founded by Charlie Bingham and Miguel Sánchez, CMF Media specializes in creating innovative and engaging sports entertainment formats for broadcasters and streamers worldwide. Their expertise spans live sports events, reality shows, esports competitions, and more, with a focus on using the latest production techniques and technologies to craft immersive experiences for viewers. With a commitment to pushing creative boundaries and delivering compelling content, CMF Media has built a reputation as a leader in the sports entertainment landscape.
About Lottery.com:
Lottery.com is a technology company that transforms how players engage with lotteries and sports entertainment through its digital platforms. As the parent company of Sports.com, Lottery.com aims to create a global hub for sports content, delivering innovative programming and immersive experiences to fans around the world.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the company’s future financial performance, as well as the company’s strategy, future operations, revenue guidance, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Lottery.com disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Lottery.com cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lottery.com. In addition, Lottery.com cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the outcome of any legal proceedings that may be instituted against Lottery.com; (ii) Lottery.com’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Lottery.com’s accounting staffing levels; (iii) the effects of competition on Lottery.com’s future business; (iv) risks related to Lottery.com’s dependence on its intellectual property and the risk that Lottery.com’s technology could have undetected defects or errors; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic and its effect directly on Lottery.com and the economy generally; (vii) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (viii) the possibility that Lottery.com may be adversely affected by other economic, business, and/or competitive factors; (ix) the ability of Lottery.com to achieve its strategic and growth objectives as stated or at all; and (x) those factors discussed in the proxy statement/prospectus filed by Lottery.com with the SEC under the heading “Risk Factors” and the other documents filed, or to be filed, by Lottery.com with the SEC. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Lottery.com has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov.
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