Music Biz Member Alliance Entertainment To Go Public After $480 Million SPAC Merger
Wholesaler and entertainment distributor, Alliance Entertainment has announced a SPAC merger with blank check company, Adara Acquisition Corp, a move that will list the company on the New York Stock Exchange (NYSE). The integration of the two companies combined is approximately $480 million, with Alliance holding 78% of shareholders. The company will continue to be led by Chairman Bruce Ogilvie and CEO Jeff Walke.
“Alliance Entertainment, with limited capital, has grown into a leading distributor and wholesaler of entertainment products,” said Ogilvie. “We are an essential partner to the best-known entertainment brands and largest retailers. As a public company, we will be well positioned to pursue future strategic combinations that further diversify our products offerings, and to invest further in our operations and proprietary technology.”
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