Los Angeles/Vancouver-based Network Media Group (NTE.V) dropped quarterly financials earlier this week that showed a small loss coming out of the last of its Covid-19 industry slowdown, with $14.8m in projects slated for the next year, and $2m after that, now underway.
The company posted a net loss of $1.7m in the last quarter but is in pre-production on three documentary feature films and three TV series.
“Network has a record slate of projects that we continue to grow with both new and existing partners seeking to greenlight further projects with the company, thereby expanding Network’s backlog of work. Subsequent to the quarter-end, we were thrilled and highly motivated by the announcement of an oversubscribed private placement which included a strategic investment by Hive Blockchain Technologies, U.S. Global Funds, and Frank Holmes, and the support from our chairman Ali Pejman and Tim Gamble, which is a bold endorsement for our new NFT (non-fungible token) initiatives. The addition of both Tim Gamble and Tom Lombardi to the Network team showcases the level of talent Network continues to attract and is a testament to Network’s brand, reputation and industry excellence. We look forward to sharing many new and exciting updates on the evolving NFT initiatives, and the growing core business over the coming months.” – COO Paul Gertz
NTE’s stock has been on a run with this and other news, posting historic high trading volumes after our story last week about their substantial NFT deal with HIVE Blockchain (HIVE.V).
The most recent news out of the company has been its move to make a feature film documentary out of their recently acquired rights to Andrew McCarthy’s best-selling memoir, Brat: An 80’s Story.
Network will adapt the book into a documentary featuring McCarthy as feature subject, director, and producer.
That’s evidence the company is contining to make mogul moves in its core content creation business, where it has had eight-digit-revenue success in the past, but the NFT shift brings upside to new investors who see that space as fertile ground.
— Chris Parry
FULL DISCLOSURE: Not a client, just an interesting deal that we’re circling.
