CF Acquisition (NASDAQ:CFVI) stock is getting a boost Tuesday on news of special purpose acquisition company (SPAC) merger target Rumble making an offer to Joe Rogan.
Let’s dive into that news below to see why shares of CFVI stock are heading higher today.
- First off, note that CF Acquisition and Rumble are preparing for a SAPC merger that values the combined company at $2.1 billion.
- Also, Rumble is a video-sharing platform similar to Alphabet’s (NASDAQ:GOOGL,GOOG) YouTube.
- Rumble is offering Joe Rogan $100 million over four years to bring his podcast, The Joe Rogan Experience, to the service.
- The video-sharing company says that this would cover both new and old shows from the podcast and promises no censorship.
- This offer comes after Rogan has been the subject of controversy over recent episodes of his podcast concerning Covid-19, as well as old episodes with racial slurs.
- As a result, Spotify (NYSE:SPOT) has been removing some episodes of the podcast and placing warnings prior to others.
- It’s worth noting that Spotify signed an exclusive licensing deal to bring The Joe Rogan Experience to its platform.
- While official financials of the deal were announced back in 2020, estimates put it at $100 million.
- Despite all of the controversy, Spotify isn’t planning on removing Rogan from its service.
- CEO Daniel Ek said that he doesn’t believe “silencing Joe is the answer.”
- Instead, Ek is focused on creating content guidelines that won’t be crossed as “canceling voices is a slippery slope.”
- All of this recent news brings heavy trading to CFVI stock today.
- That has some 20 million shares trading as of this writing.
- The company’s daily average trading volume is about 8 million shares.
CFVI stock is up 4.3% as of Tuesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.