Forest Road FRXU = 1C + 1/3W
1W + $11.50. Call $18.
Term 24 months. Closed 11/30/20.
Trust = $10.00. $250,000,000, or $287,500,000 if the underwriters’ over-allotment option is exercised in full ($10.00 per unit), will be deposited into a US trust w/ Continental Stock Transfer & Trust Company acting as trustee.
On November 30, 2020, Forest Road Acquisition Corp. (the “Company”) consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”), which included 3,900,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and one-third of one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $300,000,000.
We currently intend to concentrate our efforts on identifying businesses in the technology, media, and telecommunications (“TMT”) space that align with the following macro themes:
• new audience aggregation platforms transforming the TMT landscape;
• premium intellectual property (“IP”) driving significant value expansion;
• consumer behavior fundamentally changing;
• cutting-edge technologies facilitating new offerings;
• evolving ecosystem reshaping traditional business models; and
• companies in need of capital due to idiosyncratic market conditions.
Our team includes three former senior executives from The Walt Disney Company (NYSE: DIS) (“Disney”). Thomas Staggs, our director and the Chairperson of the Strategic Advisory Committee, Kevin Mayer, who will serve as a strategic advisor as of the effective date of the registration statement, and Salil Mehta, our Chief Financial Officer, collectively hold decades of operational experience at Disney.
During his time at Disney, Mr. Staggs helped shape business, operational, creative, and brand management strategies across all company segments. After joining Disney in 1990, Mr. Staggs held a number of key roles, including Chief Financial Officer of Disney, Chairman of Walt Disney Parks and Resorts, and Chief Operating Officer of Disney. Mr. Staggs played an integral role in Disney’s acquisition of Capital Cities/ABC, which significantly expanded Disney’s position in cable and broadcast television. As Disney’s Chief Financial Officer from 1998 until 2010, Mr. Staggs was deeply involved in a range of strategic and financial initiatives including the acquisitions of Pixar and Marvel Entertainment. In the five years he spent as Chairman of Walt Disney Parks and Resorts from 2010 to 2015, Mr. Staggs oversaw the expansion of existing locations, a substantial increase in the size of their cruise fleet, and the geographic expansion into Shanghai.
After joining Disney in 1993, Mr. Mayer led strategy and business development for Disney’s interactive and television businesses worldwide. Mr. Mayer later became Executive Vice President of the internet group, responsible for the operations, business plans, creative direction, and distribution of Disney’s popular websites, including ESPN.com and ABCNews.com. Mr. Mayer departed Disney in 2000 but returned in 2005, eventually rising to the role of Chief Strategy Officer before accepting the position of Chairman of Direct-to-Consumer & International until his departure in May 2020. As Chief Strategy Officer, Mr. Mayer helped shape and spearheaded several Disney strategic initiatives and major acquisitions, including Pixar, Marvel Entertainment, Lucasfilm, and 21st Century Fox. Additionally, Mr. Mayer was responsible for Disney’s direct-to-consumer strategy, starting with the acquisition of a controlling interest in BAMTech, a live and on-demand video streaming company, and culminating with the launch of the Disney+ streaming platform, with nearly 55 million subscribers during his tenure.
Mr. Mehta first joined Disney in 1994 as a manager of corporate strategic planning, before serving as Executive Vice President of Corporate Business Development, where he was responsible for the launch of new businesses as well as aided in Disney’s long-term growth strategies and mergers and acquisitions plans. Mr. Mehta also served as Executive Vice President of ESPN Enterprises, which consisted of ESPN.com, digital media, mobile, publishing, and consumer product businesses. Mr. Mehta departed Disney in 2008 and subsequently served in senior roles at NBCUniversal and 21st Century Fox. Mr. Mehta returned to Disney following its acquisition of 21st Century Fox and served as Disney’s General Manager, Digital Media and President of FoxNext Games until his departure in April 2020.
Keith L. Horn, our Chief Executive Officer, Secretary and director, provides critical operating and investment acumen and extensive deal-making experience that we believe will prove complementary to, and synergistic with, the operational expertise of Messrs. Staggs, Mayer, and Mehta. Mr. Horn is the founder and managing member of Loring Capital Advisors, LLC, a firm providing investment advisory and consulting services to hedge fund managers, asset management firms, and early-stage and start-up businesses.