Photo: Alamy
Trump Media & Technology Group (TMTG) has once again proved to be an unstoppable force for protecting free speech online.
In a recent press release, the company announced it had “signed an agreement to acquire assets intended to power TMTG’s planned content distribution network for streaming of linear TV—initially via the Truth Social platform and later through stand-alone apps.”
The move is yet another innovation by the company to avoid reliance on Big Tech and make its infrastructure and user-posted content immune to cancellation.
TMTG forged the deal with Perception Group Inc. and will acquire “worldwide non-exclusive perpetual licensing rights for the new CDN technology that TMTG plans to use for its content distribution network,” according to the press release.
The agreement restricts Perception Group, Inc. from “operating in the U.S. market in areas that may compete with TMTG” for five years. Additionally, the agreement includes “a contingent opportunity for TMTG to purchase Perception outright in the future.”
TMTG CEO Devin Nunes said that the company is “rapidly pushing forward” with its streaming service plans, calling the move “a major step in fulfilling our mission to strengthen free expression and end Big Tech’s stranglehold on digital communication.”
The streaming service will offer “news shows and networks, religious channels, and additional family-friendly content that has been cancelled or is at risk of cancellation,” according to the press release.
TMTG is financing the acquisition by issuing 5.1 million shares of its common stock and paying $17.5 million over three years. The agreement also included an option for TMTG to “raise and deploy” capital by selling $2.5 billion of common stock shares at a discounted price to Yorkville Advisors, an investment fund management company.
Nunes said, “TMTG has over $350 million in the bank and the iconic Trump brand.” He emphasized that the new deal would “guarantee access to additional capital, if necessary, to pursue strategic opportunities” as TMTG builds its portfolio “by acquiring assets and technologies in the Patriot economy.”
TMTG was also notably selected to join the Russell 1000 and broad-market Russell 3000 Indexes as of June 28, 2024.
