Latest news with #JamesCreech
Business Insider
16-07-2025
- Business
- Business Insider
The creator economy is on track for a record year of M&A deals, according to a new report
Creator economy mergers and acquisitions are on pace for a record year, according to a recent report from the M&A advisory firm Quartermast Advisors. Quartermast tracked 52 deals that had been announced in the first half of the year. According to the firm's analysis, that's a 73% year-over-year increase. So far this year, two key players are inking deals in the creator economy: private equity firms and industry incumbents. For instance, private equity firm PSG Equity invested $150 million to take a majority stake in the creator economy startup Uscreen, which helps influencers launch their own apps. "Private equity is looking at some of these businesses that have been built and saying, 'Hey, there's a lot more we can do with growth equity,'" Quartermast founder James Creech said. Summit Partners, another private equity firm, made a strategic investment that funded influencer marketing platform Later's $250 million acquisition of affiliate startup Mavely. Media and advertising incumbents are also snapping up creator startups. An example is advertising giant Publicis Groupe's recent acquisitions of BR Media Group, an influencer marketing agency, and Captiv8, an influencer marketing platform for managing campaigns. Creech also pointed to traditional media companies buying up creator startups, like Fox's acquisition of Red Seat Ventures, a digital media company behind conservative streaming shows and podcasts (including several from former Fox News stars). "Traditional companies realize the creator economy is an important category," Creech said. "They need to have this DNA, they need to have these capabilities in-house, so they're looking to acquire them." A recent data point that backs that up: Creator-driven platforms will overtake traditional media companies in ad revenue this year, according to a recent report from WPP Media, an arm of the ad giant WPP. M&A is heating up "We track every single creator economy acquisition," Creech said, adding the firm uses SEC filings, PitchBook data, press releases, and other public sources to gather its report on creator economy M&A. Across the creator economy landscape, here's where deals are being made so far in 2025, according to Quartermast's analysis: Software companies, such as influencer marketing platforms and content creation tools, account for about a quarter of the deals so far in 2025 (26.9%). Deals in this category include Later acquiring Mavely and Publicis acquiring Captiv8. Quartermast's report counts 14 deals in this category between January and June. Media properties, which Quartermast defines in its report as "digital publishers, short-form video studios, and creator media companies," were the second largest category (19.2%). The report lists 10 media deals, including Wonder acquiring Tastemade and Whalar Group acquiring The Business of Creativity. Talent management firms continue to be a space for consolidation, making up 13.5% of deals in the first half. Shine Talent Group announced its acquisition of Spark Talent in January, and firms like The Outloud Group and Fixated have made multiple acquisitions so far this year. Influencer marketing agencies are also cutting deals as consolidation runs through the industry, making up 13.5% of first-half M&A. Publicis is another buyer here. It acquired BR Media Group, an influencer marketing agency based in Brazil. Audio companies, such as podcasting and music startups, made up 9.6% of deals. Creech listed Alex Cooper's Unwell Media as an example. It announced two acquisitions at the start of the year. Quartermast also included Epidemic Sound's acquisition of music recognition startup Song Sleuth in this category. Meanwhile, other categories made up a smaller portion of the pie, such as gaming (3.8%), commerce (3.8%), and a generalized "other" (9.6%). What the rest of 2025 holds for the creator economy M&A What's in store for the second half of 2025? Creech, whose firm has brokered two M&A deals so far in 2025, predicts that the creator economy could see more than 100 deals by the end of the year. Categories that Creech said could ramp up include creator services, talent management firms, and influencer marketing. Influencer marketing has continued to be a busy sector for M&A for the last few years, which have been freckled with deals on both the agency and platform side. Publicis, for instance, has already announced two influencer marketing acquisitions in 2025 and acquired Influential for $500 million last year. The French company told shareholders in February that it anticipated "investing €800 million to €900 million" in acquisitions (roughly $930 million to $1.04 billion). "That might not all be creator economy, but I think other influencer agencies or software will be part of that," Creech said about Publicis' potential deals through the end of the year. Creech also expects to see more international deals in the second half of the year. While 40% of acquisition targets in the first half of 2024 were international, that shrank to 21% for the first half of 2025.
Yahoo
30-04-2025
- Business
- Yahoo
IRS rules to deduct fraud losses on taxes give victims some leeway
Fraud victims wondering whether they can deduct a portion of their financial losses tied to scams on their taxes just got some clarification from the IRS. In a memo released last month, the IRS Office of Chief Counsel stated that victims seeking to protect their assets when they fell for a fraudster's scam usually may deduct the tax basis of their losses for the year they discovered the theft. Previously, some financial advisors and tax pros had questioned whether that motive for moving assets qualified for the definition of "a transaction entered into for profit," rather than a "personal casualty loss" — a type of deduction that the Tax Cuts and Jobs Act limited solely to disaster areas. The five examples of scam losses covered in the memo reflect what experts say is a growing risk to consumers as fraudsters become more sophisticated at stealing their money. The memo held that the victims of compromised accounts, so-called pig butchering and phishing scams could receive the deduction for their tax basis. On the other hand, it generally ruled out tax deductions for victims of romance and kidnapping schemes. And it also noted that anyone withdrawing money early from an individual retirement account for a transaction that turns out to be fraudulent would still face normal penalties for those transactions. Furthermore, none of the five examples fit the definition of a Ponzi scheme that would qualify for additional deductions. Critics have called for reform of tax rules that are complex and harmful to fraud victims. The IRS' ruling is welcome, then, for allowing advisors and tax experts room to stem damages from efforts to safeguard assets for future investments. Since fraud losses represent an unfortunate "part of our shared reality at this point," the guidance can aid advisors assisting victims in the wake of a scam, said James Creech, a director with accounting firm Baker Tilly's tax advocacy and controversy practice. "The mechanisms that the fraudsters use are so polished and organized. They know the right psychological levers to pull at the right times," Creech said. "When these happen, it's incredibly isolating, and I find that there are a lot of people who just don't know where to turn, and they don't know what to do." In that context, some victims may be further surprised to learn that the deductible losses add up to their original basis (i.e. the initial $10,000 in an IRA that has appreciated to $100,000) instead of including any of the unrealized gains. Also, they first must verify that their money is not recoverable, said Miklos Ringbauer, the founder of Los Angeles-based tax firm MiklosCPA. "Until we know that we are a victim, there's no deduction," Ringbauer said. "Once we are aware of it, we make the appropriate police reports and everything else when it becomes apparent that it's nonrecoverable." READ MORE: Rising scam risk calls for coordinated prevention strategy, study says The IRS memo acknowledged some of the confusion. For example, it noted the fact that there is "no statutory definition of 'a transaction entered into for profit'" beyond some court-case analysis describing it as "a primary profit motive." In addition, it cited some further IRS guidance from 16 years ago laying out the circumstances that investors can obtain a "safe harbor" from taxes on their losses from a Ponzi scheme. One important aspect of the qualification criteria for Ponzi losses requires a "lead figure" who is charged or otherwise named as a defendant in a criminal complaint alleging theft after they secured victims' money, claimed to generate income, paid other investors through the earlier customers' outlays and misappropriated those assets. None of the five circumstances discussed in the memo fit that definition. But three of them qualified for a separate deduction tied to the tax basis of their losses at the hands of "Scammer A." "For taxpayers who authorized distributions and transfers to new accounts or directly to Scammer A, we look to their motive in doing so to determine the character of the transactions. Taxpayers who establish that their motive was to transfer their investment funds from existing investment accounts to new investment accounts, i.e., to safeguard existing investments or to engage in new investments, had a profit motive when authorizing the distributions and transfers," the memo said. "For taxpayers who were motivated to transfer funds to Scammer A as part of a non-investment scam, i.e., the romance scam and kidnapping scam, there is no profit motive for the transaction, and the loss is a disallowed personal casualty loss. For taxpayers who did not authorize any distribution or transfer, the loss does not result from the actions of the taxpayer, so that the relevant transaction for determining the character of the loss is the original investment and the motive of the taxpayer at that time." Regardless of that distinction, each of the victims must pay any penalties for early IRA withdrawals or outlays from other accounts subject to them. The lack of any deduction for the latter two cases would likely arrive as bitter news for an investor tricked into believing a new online romantic partner had a close family member "in dire need of medical assistance" or someone fooled by an artificial intelligence-generated recording into thinking a grandson had been kidnapped and needed a ransom payment. READ MORE: Financial professionals have slowed the growth of elder fraud cases The memo "shows that more victims than perhaps previously thought might qualify for the theft loss deduction, but it also illustrates how much work remains to help all taxpayers who find themselves victims of fraud," according to a blog post on it last week by National Taxpayer Advocate Erin Collins, head of an independent IRS unit that evaluates the agency's operations and reports recommendations to Congress and the rest of the government. Last year, Collins listed tax-related scams as among the agency's "most serious problems" and called for letting the limitation on deductions for theft losses expire at the end of the year. "The memo offers important clarification on when and how taxpayers may claim a theft loss deduction," Collins wrote. "It also exposes gaps in the current law that leave many taxpayers without meaningful relief." Besides asking lawmakers to eliminate the restriction on deductions for theft, Collins called on them to extend the three-year statute of limitations on refund claims to the IRS, waive the penalty on early IRA withdrawals for scam victims and enable taxpayers to amend prior returns to report income differently for the years that they sustained the losses. It's not clear that such policy ideas will gain any traction as the current Congress considers the sunsetting provisions of the 2017 law this year, since they would increase the cost of the legislation. READ MORE: Tax Cuts and Jobs Act expiration: A guide for financial advisors Despite the complexity, advisors "really play such a critical role" through empathy for the victims combined with the technical expertise to point them to the next step, according to Creech of Baker Tilly. They often feel the sense that they "worked so hard to build this legacy, and now it's gone and I have nothing to show for it," and Creech has spoken with many who have gone from expecting "a very comfortable retirement to having Social Security income only," he said. Asset allocations or interest rates often seem much easier to discuss. "It's more of an art than a science. No one gets financial certifications to be a grief counselor," Creech said. "Those are important conversations and I think, sometimes, they keep people alive." With AI and other technology bringing new types of risk, advisors and tax pros should guide clients on prevention strategies to avoid the scams in the first place, Ringbauer said. For instance, if they hear from someone claiming to be from their financial institution, they should either hang up from the call or refrain from answering the text message, according to Ringbauer. Then they can take the time to call into the corporate headquarters separately on their own to see whether there is any legitimacy. "The problem is, we live in a digital world and, in that process, we don't do due diligence. We don't think very quickly because we are faced with a catastrophic or emergency situation. In that process, our natural instinct is to protect," Ringbauer said. "Today you don't know if you are talking with me. For you as a taxpayer or an individual, the only protection you have is, you go back to the original source." Sign in to access your portfolio
Yahoo
25-04-2025
- Business
- Yahoo
Rising scam risk calls for coordinated prevention strategy, study says
The growing risk to consumers posed by scams begs the need for a government-wide strategy to counter scams, track them accurately and agree on what defines a scam, a new study said. The cost of this lack of coordination is steep, hindering efforts to prevent more than a half dozen types of scams that bilk Americans out of "large sums — in some cases their entire life savings," according to a report earlier this month by the U.S. Government Accountability Office, an independent watchdog agency that reports to Congress. The losses each year add up to $10.55 billion, per an FBI estimate, but financial services firms' suspicious activity reports to a Treasury Department unit suggest the number could be closer to $200 billion, GAO said. The disparity stems from massive underreporting of scams, which inhibits intelligence-gathering at the FBI and at least a dozen other federal agencies whose officials the researchers interviewed over about two and a half years. Financial advisors who speak with people about their money and wealth on a daily basis play a critical role in the identification of scams, according to experts like James Creech, a director with law firm Baker Tilly's tax advocacy and controversy practice. But it can be tough for clients to share that they were scammed. "You don't want to tell people that you're the victim of it, and so people don't really talk about it," Creech said. "There's a sense of shame. You don't want to talk about it. You sweep it under the rug and you move on with life." Creech agreed "wholeheartedly," he added, with the report's main findings that having a government-wide estimate of the money lost to scams, agreeing on a definition of scams and establishing a national strategy to combat them could help federal agencies protect consumers. The watchdog issued 16 recommendations to the FBI, the Federal Trade Commission and the Consumer Financial Protection Bureau to bring together more resources toward fighting fraud and scams. The FBI responded with support for the report's call for a national strategy across agencies amid rising calls for better coordination across government to prevent scams, but it pushed back on aspects of the suggestions for a universal estimate and definition. READ MORE: Fraud victims hit by 'double whammy' of theft, taxes on stolen funds "Scams are a growing problem in the United States and around the world in both scope and sophistication," said the report by Howard Arp and Seto Bagdoyan, two directors with the GAO's Forensic Audit and Investigative Service. "Officials from the 13 federal agencies we spoke with reported they were engaged in a range of activities related to countering scams," it continued. "However, each agency has its own mandate and authority, with each largely carrying out these activities independently. In carrying out their activities, they are not guided by a government-wide strategy to counter scams. While related strategies exist, none of them function as a comprehensive, government-wide strategy to counter scams. They are either agency-specific plans or do not focus on scams. The absence of a comprehensive, government-wide strategy poses risk for fragmentation of effort and overlap of activities, which can reduce their impact in protecting consumers. The desirable characteristics of such strategies include clear organizational roles, goals, and performance measures to gauge and monitor results, among other characteristics. Having a comprehensive, government-wide antiscam strategy with these characteristics would strengthen the ability of federal agencies to coordinate and strategically target their efforts to counter scams and thus help prevent consumers from becoming victims." The securities fraud cases that ring familiar to anyone following wealth management industry legal matters represent only one type of scam described in the report. Investment scams involve fraudsters' promises of guaranteed returns through complex strategies and phony funds or other unregistered vehicles that may boil down to theft of client's money for personal use. Other forms of scams involve impersonation to gain a victim's trust, for example, when scammers pretend to be government officials, tech support, family members pleading for aid or potential romantic partners. Yet more involve tricking business owners into compromising their payment streams or fooling people into believing they have just won the lottery or otherwise come into big money. READ MORE: The vital role of financial advisors in stopping fraud and elder abuse The wide variety of scams (and possible distinctions between a "scam" and "fraud") adds to the difficulty of creating an agreed-upon definition, as does the underreporting of a lot of the criminal activity. As little as 5%-15% of consumer fraud victims alert authorities about being targeted by scams, according to Justice Department and Federal Trade Commission studies cited by the GAO's report. In 2021, authorities documented $566 billion in suspicious activity through firms' reports to Treasury's Financial Crimes Enforcement Network — out of which about $200 billion related to scams involving impersonation, romance, "person in need," tech and customer support, employment and impostors from government agencies or financial institutions. Those figures explain why stakeholders, such as the American Bankers Association, the Federal Advisory Council to the Federal Reserve Board and the Consumer Federation of America, have mentioned the lack of a universal anti-scam strategy in public meetings or interviews with the GAO researchers. Last July, the Aspen Institute Financial Security Program started the National Task Force for Fraud and Scam Prevention, which will include government agencies, financial firms and the Better Business Bureau. The industry's giants see a void there. "Officials from one of the world's largest financial institutions told us that a national anti-scam strategy and a comprehensive federal government approach are needed to counter these criminals and the scams they perpetrate," the GAO report said. This strategy requires a whole-of-government response that partners with financial institutions, telecommunications companies, and social media companies to protect consumers. Further, the officials stated that there is a need for a lead agency to help coordinate efforts and prevent fragmentation." READ MORE: Scams against retirees soaring to 'crisis' levels To catch the scammers, the GAO instructed the director of the FBI to "lead a U.S. government effort to develop and implement a government-wide strategy to counter scams and coordinate related activities" through a collaboration with the heads of the CFPB, FTC, Treasury and any other appropriate agencies. The FBI agreed with that recommendation and acknowledged that stronger working relationships and enhanced data collection "will strengthen its ability to effectively identify and respond to scams," the report said. On the other hand, while there is a "critical need for a comprehensive estimate that reflectsreported scam incidents to better inform policy and response efforts," the FBI noted that "it cannot reliably create an estimate of incidents not reported." And it rejected an existing Fed definition of scams as "closer with a general definition of fraud, rather than specifically addressing the unique characteristics of scams." But it pledged to create its own definition through a multiagency effort as well. "We recognize the challenges involved in, for example, arriving at a common definition of what constitutes a scam, estimating the extent and nature of scams affecting consumers and associated financial losses and crafting a government-wide strategy to guide federal agencies in countering scams," the GAO's report said. "However, undertaking these types of activities would help ensure an effective federal response to a significant risk to consumers from a type of crime that is growing in scope and sophistication." READ MORE: The disturbing size of elder financial abuse in America In addition, more widespread training across the industry on the red flags of fraud and scam, higher adoption of practices such as listing trusted contacts to verify that transactions were authorized and a tone of empathy for victims among auditors from agencies and institutions could stop scammers in the act and boost reporting rates, Creech said. It's often "heartbreaking to see" how easily "this fraud could have stopped before it began" by simply listening to the victim or following up on suspicious transactions by contacting a client's loved ones, he noted. "You shouldn't victimize people twice. If they have been victimized by a scam, your mission should be to help them," Creech said. "It leaves them feeling victimized by the people who are supposed to be the watchdogs."
New York Times
15-04-2025
- Business
- New York Times
Some Online Scam Victims Can Now Seek Tax Relief on Firmer Ground
Victims of sophisticated online scams are often dealt a double whammy. Not only is their money forever gone, but these stolen sums often generate giant tax bills when the funds are emptied from taxable retirement accounts. Many of these victims are often left wondering what sort of recourse they might have. Tax regulators recently provided some answers, clearing the way for more victims to seek a tax break on more solid footing. In a memorandum released on March 14, the Internal Revenue Service's Office of Chief Counsel described which types of scams might qualify for tax relief, which included many investment schemes and some types of impersonation fraud. But it still excludes victims of other widespread digital crimes, including kidnapping schemes, for example, and romance-related fraud that did not involve investing. 'We are aware that taxpayers have suffered losses from various scams perpetrated by unknown individuals operating domestically and internationally,' the memo said. 'However, the actual scam may vary, and the application of this advice is dependent on the taxpayer's specific facts.' There used to be a more equitable way for people with the largest fraud losses to deduct them from their income, using a tax deduction for victims of personal casualties, disasters and theft. But that and many other individual breaks were eliminated or narrowed as part of the Republican-led tax overhaul known as the Tax Cuts and Jobs Act of 2017, which helped to pay for broader tax cuts, including a reduced corporate tax rate. The current structure of the deduction, effective from 2018 through 2025, treats victims unevenly. It can be used only in certain situations, even though many of these fraudsters are operating out of the same playbook. The tax deduction, in its pared down form, says that personal casualty and theft losses can be claimed only in situations like federally declared disasters or 'transactions entered into for profit.' That means deductibility is an option only if the victims had a goal of profiting when they entered into transactions with scammers — but that definition wasn't etched into the law. The new guidance provides taxpayers with parameters by laying out several different situations that qualify and a couple that don't. This includes taxpayers deceived by impersonators who claim to be fraud specialists at the victim's financial institution, who then urge them to move their money to safer accounts because their existing ones have been compromised. Since the victim intended to safeguard and later reinvest the money, the I.R.S. deems this 'a transaction entered into for profit.' In other words, the guidance recognizes that the preservation of the assets qualifies as a profit motive (and is eligible for tax deduction). 'That opens the door a bit for more taxpayers to take theft loss deductions,' said James Creech, a director at the tax advocacy and controversy practice at Baker Tilly, a large accounting and advisory firm in San Francisco. 'Practically what this means is that if you are audited you can take the memo, show it to the auditor, and most likely that will resolve the question of if the transaction was entered into for profit.' Other qualifying situations include so-called pig butchering investment schemes, where unsuspecting people are directed to seemingly legitimate mobile apps or websites where they can buy cryptocurrencies and have the opportunity to earn large profits. As their account value increases, they invest more money — but when they try to cash out, the money vanishes. This, too, is deemed a profit-driven transaction by the I.R.S. In another situation, the taxpayer gets a phishing email from an impersonator, urging them to call a fraud analyst to ensure their money is safeguarded; the impersonator instructs the victim to click on a link in an email, which gives them control over their computer, and eventually enables them to empty the victim's investment account without their permission. In all three cases, the taxpayer had contacted their financial institutions and law enforcement and were informed they had little to no chance of recovering the money. The memo also outlines scenarios that would not qualify, in large part because there is no profit motive. So if an individual was deceived into paying medical bills for a scammer posing as a romantic interest, that would not be eligible for the tax deduction. The same goes for victims who sent ransom money to criminals who had claimed to have kidnapped their grandchild using artificial intelligence to clone the child's voice. The guidance also clarifies that none of these situations would be eligible for the tax breaks provided to victims of Ponzi schemes, which can be used when an investment fraud meets certain conditions. Regardless of your specific situation, it helps to document everything as soon as you realize you've been victimized. File a police report with local officials and federal ones, including the Federal Bureau of Investigation's Internet Crime Complaint Center. Take screenshots of any online platforms or apps that you used to communicate with the criminals, including online conversations, photos or anything related. Create a timeline or narrative of the events. The casualty and theft loss deduction is set to revert to its original form at the end of this year if the sweeping 2017 tax law expires. But Republicans are trying to extend that package. The original federal casualty loss deduction was limited in different ways. It could be claimed only by taxpayers who itemized deductions on their returns, which means the total amount of those deductions had to exceed the standard deduction for it to be worth it. And the deduction applied only to losses that exceeded 10 percent of their adjusted gross income. Lawmakers, including Representative Jamie Raskin, Democrat of Maryland, have drafted legislation to offer more comprehensive and retroactive relief, dating back to 2018 when the deduction was curtailed. But that hasn't been passed into law. 'This I.R.S. guidance provides a good deal of clarity and relief to a lot of scam victims, including a constituent of mine who would have owed hundreds of thousands of dollars in taxes,' Mr. Raskin said in a statement. 'But we still have important bipartisan work to do in Congress to make the tax code fairer for all scam victims.' The way the states treat these situations can amplify victims' federal losses too, tax experts said, generating significant tax liabilities of their own. But some states are trying to address that. Joseph Vogel, a Democratic state legislator in Maryland, said he recently introduced a bill with bipartisan support that would make these losses generally deductible at the state level. 'The scams are getting better and better,' he said. 'These people need some relief.'
Yahoo
10-02-2025
- Business
- Yahoo
Vertiqal Studios Engages Quartermast Advisors as Creator Economy M&A Advisor
Toronto, Ontario--(Newsfile Corp. - February 10, 2025) - Vertiqal Studios Corp. (TSX: VRTS) (OTCQB: VERTF) (FSE: 9PY0) (the "Company" or "Vertiqal Studios") - Vertiqal Studios, one of North America's largest owners of gaming and lifestyle social media channels, is pleased to announce that it has engaged Quartermast Advisors ("Quartermast") as its buy-side M&A advisor. Quartermast will assist Vertiqal Studios in identifying and executing strategic media acquisitions to accelerate growth and expand its market presence. As part of its broader growth strategy, Vertiqal Studios aims to leverage acquisitions to enhance its content capabilities, expand audience reach, and strengthen its data-driven monetization model. With the expertise of Quartermast, a distinguished advisory firm specializing in media, technology, and the creator economy, Vertiqal Studios is well-positioned to evaluate and pursue accretive acquisition opportunities in the evolving digital media landscape. "We are excited to partner with Quartermast as we take a strategic approach to identifying media assets that align with our vision," said Jon Dwyer, Chairman & CEO of Vertiqal Studios. "This collaboration underscores our commitment to growth through targeted acquisitions that enhance our content ecosystem and drive long-term value for our shareholders." The move also builds on the momentum from Vertiqal Studios' other recent transactions, including the December 2023 acquisition of Offbeat Studios and its December 2024 purchase of four high-performing social channels from Viral Nation. Vertiqal Studios is now doubling down on its success as it intends to pursue additional acquisition targets to further accelerate its growth. Quartermast brings extensive experience in mergers and acquisitions, providing Vertiqal Studios with the insights and strategic guidance necessary to navigate the dynamic media industry. The partnership will focus on identifying social media publishers and other media properties that complement Vertiqal Studios' existing leadership in the digital content space. "We are thrilled to support Vertiqal Studios in its M&A strategy," said James Creech, Founder & Managing Partner of Quartermast. "Their innovative approach to digital media makes them an ideal candidate for strategic acquisitions, and we look forward to helping them identify and execute transactions that accelerate their growth trajectory." This engagement marks a significant step for Vertiqal Studios as it continues to capitalize on emerging opportunities in digital media, streaming, and content monetization. By aligning with Quartermast, Vertiqal Studios reinforces its commitment to expansion and industry leadership. Quartermast's compensation is contingent upon the successful completion of a transaction. Lastly, Vertiqal Studios is announcing the resignation of Rob Segal from its Board of Directors. The Company is immensely grateful to Mr. Segal for his diligent support and guidance throughout his time serving on the Board and wishes him the very best in the future. About Vertiqal Studios Vertiqal Studios, owners of one of North America's largest gaming and lifestyle network on social media, is a digital strategy, creative, and distribution holding company. The Company specializes in the creation and distribution of viral videos for brands and advertisers to create always-on digital strategies that live authentically in Gen Z and Millennial culture. Vertiqal Studios partners with leading brands to develop strategic solutions, creative ideation, and content production, while also providing distribution and amplification through its Owned & Operated channels - all delivered with boutique, white-glove service. Its expertise lies in managing over 130 channels across TikTok, Instagram, and Snapchat, while producing over 100+ pieces of content a day for a growing audience of 52 million-plus followers. By having such robust ownership of culture and communities on social, Vertiqal Studios provides innovative advertising solutions for brands such as RBC, Samsung, White Castle, Coca-Cola, ESPN, Chili's, and more. For more information and to join our email subscriber list for direct press releases and newsletters, visit About Quartermast Advisors Quartermast Advisors is a boutique M&A advisory firm, specializing in media, technology, and the creator economy. Drawing on its deep industry expertise, Quartermast Advisors assists clients in executing strategic transactions that drive value and business growth. For more information, visit For media inquiries, please contact: Jon DwyerChairman and Chief Executive Officer +1 (416) 627-8868;Email: jon@ Investor Relations Email: ir@ Forward-Looking Information This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include, but are not limited to, statements relating to future acquisitions of businesses or assets, and the Company's ability to complete those acquisitions. All statements other than statements of historical fact may be forward-looking statements or information. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement. To view the source version of this press release, please visit Sign in to access your portfolio
