Travel booking technology and media solutions company NextTrip has acquired Journy TV—a travel and adventure focused Free Ad-Supported Streaming TV (FAST) channel—as part of its effort to grow its media arm.
NextTrip, which acquired the Journy trademark and related domain names and assets from Ovation, believes the acquisition will also improve audience reach. Ovation is set to stay onboard with a stake in ownership in NextTrip.
The terms of the deal were made public in an 8-K form filed with the United States Securities and Exchange Commission. The form showed that NextTrip paid Ovation $300,000 in cash when the deal closed, along with 20,000 restricted shares of the company’s common stock. The two also entered a licensing agreement, within which NextTrip is set to pay Ovation $336,801 in segments.
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"We are thrilled to welcome Journy to the NextTrip family as we continue to expand our portfolio of high-quality, travel-centric content," said Bill Kerby, CEO of NextTrip. "This addition perfectly complements Compass.tv and enhances our ability to connect with a broader audience through compelling and inspiring travel narratives.”
Kerby said the company believes Journy’s presence in the FAST space should boost NextTrip's strategy to push audience engagement and foster opportunities for advertisers and for travel bookings.
"We are proud of Journy's evolution into a premiere destination for travel storytelling,” said Charles Segars, CEO of Ovation. “As fans of the genre, we're excited to watch the service continue to grow as NextTrip leverages their library and production opportunities. As investors in NextTrip, we're excited to see Journy's distribution and reach contribute to the growing success of NextTrip's content and commerce ecosystem."
NextTrip also recently launched NextTrip Cruise to streamline cruise booking.