Tinder CEO Jim Lanzone is one of the latest businessmen to join the special purpose acquisition company (SPAC) trend, which has recently taken the financial sector by storm.
Lanzone has teamed up with Rich Paul, one of the most high-profile NBA agents, and NFL star JJ Watt to create Coliseum Acquisition Corp.. They are currently in the process of planning for a $150 million IPO, by offering 15 million shares at $10 apiece.
The plan is to acquire consumer products or media companies in the sports, entertainment and digital media sectors. These potential acquisitions are expected to be in the $500 million to $2 billion range.
According to Seeking Alpha, Coliseum executives wrote in a statement: “It is our belief that sports leagues, teams and athletes will continue to enhance fan experience and interaction via innovative streaming and digital media, content creation, monetization of digital assets and technology-driven products and services.
“Our team views this intersection between sports, entertainment and influencers as a powerful underlying force for the growth of innovative consumer brands.”
Lanzone has significant experience in digital media, having worked at CBS Interactive and CBS Corp., before joining the dating app in August 2020.
OkCupid co-founders Sam Yagan and Christian Rudder completed an IPO for their own SPAC last week. Corazon Capital V838 Monoceros Corp. is currently trading at $9.95, after suffering a slight fall on opening day.
It’s believed that they’re looking to acquire an asset in the consumer technology industry, which could mark a return to online dating for the pair.
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