Dolphin Entertainment Inc (NASDAQ:DLPN), an entertainment marketing and production company, saw its revenue rise last year as it completed its acquisition of The Door, a lifestyle PR agency, as well as Viewpoint Creative, a branding and production house.
In a statement, CEO Bill O’Dowd said the company is still on a quest to build a “Super Group” of entertainment marketing companies by acquiring privately-held and already profitable firms.
Dolphin’s management paid up to $11 million to acquire The Door, the PR agency, and another $2 million for Viewpoint Creative, a full-service creative branding and production house. The deals come on the heels of its acquisition of 42West, a PR and marketing firm, for $28 million in March of 2017.
“We are in an era of tremendous investment in original entertainment content by the studios, networks and leading streaming platforms, which we believe positions our companies for strong organic growth for years to come,” said O’Dowd in a statement.
“We further believe that all of our companies will benefit from the ability to cross-sell services, such as the production of original promotional and marketing content, thereby increasing both revenues and profits while raising the average revenue per client.”
Financials in focus
Last year, Dolphin’s total revenue jumped to $22.6 million from $22.4 million in the prior year. Its net loss for the year came to $2.9 million, meanwhile, compared to a profit of $6.9 million in 2017.
In other news, the company also closed a $750,000 direct offering of 250,000 shares at $3.00 per share.
Through its PR subsidiaries 42West and The Door, Dolphin, which has offices in New York and Los Angeles, provides marketing and publicity services to the entertainment and hospitality sectors.
Dolphin closed up 3.3% to hit US$1.57 on Monday.
Contact Ellen Kelleher at [email protected]