On Friday, February 28, MNTN, a connected TV advertising platform with Ryan Reynolds as its chief creative officer, filed for an initial public offering in the United States. The company allows brands to advertise on connected TVs, which are internet-enabled devices that stream online videos. Notably, it attracted funding from BlackRock and Fidelity Management and Research in a 2022 funding round.
Amidst the increasing trend of cord-cutting, brands are seeking to refine their marketing strategies for the streaming landscape. This surge in demand is driving the need for companies like MNTN that can facilitate this transition.
MNTN experienced impressive growth with revenue reaching $225.6 million, a nearly 28% increase from the previous year. Additionally, its net loss decreased to $32.9 million, down from $53.3 million.
The upcoming IPO aligns with the anticipated deregulatory actions anticipated under the Trump administration, which may encourage more companies to go public. However, recent trade policy uncertainties have caused fluctuations in the market in recent weeks.
The Texas-based company plans to list its shares on the New York Stock Exchange under the symbol "MNTN." Key underwriters for the IPO include Morgan Stanley, Citigroup, and Evercore ISI.