ABOUT THE COMPANY:

TAPP Media built a subscription-based online video content network, home to individual "channels" built around popular personalities with large followings. These direct-to-consumer video channels allowed super-fans close-up access to the people they adored. The Company was both founded by prominent media figures and and funded by corporate VCs.

SITUATION:

The Company's offering was novel in the early 2010s when launched, but by the early 20s was forced to confront the proliferation of many robust competing video streaming services. They experienced difficulty both securing new channel relationships and retaining subscribers. With nearly depleted resources they consulted their Silicon Valley law firm for guidance around how to bring the venture to an orderly conclusion while addressing outstanding liabilities.

ENGAGEMENT:

Corporate counsel introduced G2 as a strategic and financial advisor well-equipped to assist in such challenging moments. In multiple exploratory conversations with management G2 probed to understand the facts of the situation and explained various potential paths forward. Ultimately the Company opted to enter into an assignment for the benefit of creditors ("ABC") with G2 serving as Assignee to bring about a soft landing.

OUTCOME:

A G2 special-purpose entity served as assignee in an ABC under Delaware law. The Assignee maintained the video channel operations platform for during the ABC period, allowing continued collection of customer payments while potential acquirers considered bidding on the assets. The Assignee also communicated with the company's interested parties and brought corporate operations to an orderly conclusion.

DEAL TEAM:

TAGS:

ABC

Venture-backed

Media

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