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Wednesday, Feb 28, 2024

Triller Investor Kavanaugh Backs Colombier SPAC

Colombier Acquisition Corp., a blank check company targeting the consumer products, social media and entertainment sectors, raised $150 million in its trading debut this month and has attracted an influential L.A. investor.

Entrepreneur and entertainment executive Ryan Kavanaugh is a Colombier board member and a strategic adviser with “considerable access to celebrities and influencer partners to drive brand recognition, customer engagement and market reach,” according to the company’s filing with the Securities and Exchange Commission.

Kavanaugh, the former chief executive of Relativity Media, teamed with investor Bobby Sarnevesht to acquire Century City-based short-form video platform Triller in 2019. The two investors also are partners with Proxima Media, a distributor of more than 250 films.

Triller’s parent, TrillerNet, has since diversified to live events, mobile gaming and pay-per-view streaming. The company is preparing to file a confidential direct listing with the SEC in July that values TrillerNet at more than $5 billion. It’s expected to begin trading on the New York Stock Exchange before the end of the year.

In recent months, TrillerNet has bought livestreaming music platform Verzuz, combat sports game streaming service Fite TV and marketing platform Amplify.ai.

Colombier Acquisition is led by Chief Executive and Chairman Omeed Malik, co-founder and CEO of New York-based investment bank Farvahar Partners, and Chief Financial Officer Joe Voboril, co-founder and managing partner of Farvahar.

The company plans to leverage its management team’s experience and target companies with enterprise values between $500 million and $1.25 billion. Colombier offered 15 million units at $10 in its trading debut on June 9. Colombier Acquisition has listed on the New York Stock Exchange under the symbol CLBR.UN.

Sawtelle-based investment banking firm B. Riley Securities Inc. acted as lead manager on the deal. Other Colombier board members are Eddie Kim, who founded New York-based public relations software company Memo in 2018; Jonathan Keidan, founder of New York-based Torch Capital, an early stage consumer venture fund; Keri Findley senior managing director of San Francisco-based SuRo Capital Corp.; and Claire Councill, a SuRo investor.

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