CF VI (NASDAQ:CFVI) is up about 19% in midday trading following a tweet by its target, social media platform Rumble, that it is working to lure podcast host Joe Rogan to the platform.
The tweet is a screenshot of a document sent by its CEO to Rogan offering “100 million bucks” over four years for him to transfer his show to Rumble from Spotify (NYSE:SPOT). While the missive’s last sentence is “And yes, this is totally legit,” it is not clear whether any thing will come of the tweet or the document.
Rogan signed a multi-year exclusive licensing agreement with Spotify in May 2020, reportedly worth more than $100 million and there has not yet been any indication that Spotify would let go of that exclusivity. The relationship between the host and platform has been rocky in recent weeks, however.
Beginning in late January, a number of artists including Neil Young, Joni Mitchell and David Crosby have announced they are pulling their own catalogues from Spotify in protest of Rogan’s on-air remarks characterized as vaccine misinformation. Although Spotify publicly stood with Rogan through this wave, the platform then removed about 100 past episodes of Rogan’s show in which he used racial slurs or other objectionable language.
Rumble’s offer to the host includes a pledge of “no censorship” noting that the platform stands with Rogan and his “desire for real conversation.” Parallel to CF VI’s rise in the markets today, Spotify is also down about 2.8%, adding to a slide that began in November.
It remains to be seen whether any shows will be going anywhere, but for Rumble to at least make the offer is in line with its brand, purporting to offer a free speech haven that in particular features conservative voices that have been booted from mainstream platforms. The enthusiasm has trickled over to SPACs with pending combinations with similar conservative causes.
Digital World (NASDAQ:DWAC), which is merging with the upstart Trump Media & Technology Group, is up 9%, while Digital World Chairman and CEO Patrick Orlando’s other SPAC, Benessere Capital (NASDAQ:BENE) is also feeling the love, up about 0.2%.
But, just as Spotify is taking the hit in this phase week’s episode of the “free speech” debate, it is yet to be seen how well platforms like Rumble and Trump Media’s upcoming platform Truth Social will walk their own tight ropes with the partners they themselves depend on to thrive.
Today also brought news that Trump Media is already working with developers to make sure that it will not get booted for violating the terms of the Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) app stores. It has signed on Hive, a company that “does AI-based content moderation, to flag sexually explicit content, hate speech, bullying and violent content,” according to a Reuters report.
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...