Vinco Ventures (NASDAQ:BBIG) stock is a hot topic on Monday as investors react to news of the company buying major media outlets.
VVIP Ventures, a joint venture between Vinco Ventures and Icon Publishing, has agreed to acquire several publications from a360 Media. That covers the acquisition of the National Enquirer, the National Examiner and the Globe.
According to a press release, this purchase covers all physical and digital assets belonging to these publications. It also includes both the U.S. and U.K. editions of the National Enquirer. Likewise, the staff that work at these magazines will also join VVIP Ventures.
To go along with this deal, VVIP Ventures also has a 90-day period to discuss more potential deals with a360 Media. The joint venture has also entered a “multi-year service agreement for publishing, financial and distribution services” with a360.
What This Means for BBIG Stock
Vinco Ventures notes that VVIP Ventures is dedicated to continuing revenue and profits from the publications purchased. That could benefit BBIG stock as it introduces an additional stream of revenue for the company.
We’re also seeing a decent amount of BBIG stock change hands today. As of this writing, more than 5.7 million shares have been traded. That’s catching up to the daily average trading volume of about 6.8 million shares.
BBIG stock is up 9.3% as of Monday morning.
Investors can find more of the latest stock market news below!
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On the date of publication, William White did not hold (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.