08:47 AM EDT, 06/28/2024 (MT Newswires) -- Boat Rocker Media ( BRMIF ) , an independent global entertainment company, on Friday sold its majority stake in talent management company Untitled Entertainment to TPG in a cash-and-stock deal.

TPG paid $51.6 million in cash and 8.8% of the outstanding common equity in the new talent management company.

Boat Rocker plans to use the cash proceeds mainly to support its content-first strategy. Also, Boat Rocker intends to increase its focus on investing in owned IP, particularly in scripted television, documentary programming, and animation and its exploitation internationally.

Boat Rocker may also use cash proceeds to pursue strategic M&A opportunities in a changing market. Boat Rocker does not expect the transaction to have a material impact on its other business lines, with all units operating as usual.

As part of the transaction, Michel Pratte has been named CEO of the newly established company and Eric Taitz will serve as its COO.

Further, Boat Rocker is now expecting a full-year 2024 adjusted EBITDA of about $10 million. This is driven by delays in new content commissions, renewals, production, and paid development, in addition to the sale of Untitled and regular course timing fluctuations on deliveries.