DHX Media (doing business as WildBrain) has notified NASDAQ of its intention to voluntarily delist its shares from the American stock exchange. WildBrain shares will continue to trade on the Toronto Stock Exchange (TSX).
The children’s content producer and distributor says with the majority of its shares trading on the TSX, the company believes the cost and administrative requirements associated with maintaining a dual listing are no longer justified. The decision is in line with the Nova Scotia-headquartered company’s ongoing efforts to find cost savings to re-invest in growth areas of the business.
Its shares are expected to cease trading on NASDAQ on or about Dec. 24, 2019.
For the first quarter of Fiscal 2020, the three-month period ended Sept. 30, 2019, Wildbrain reported revenue of $112.3 million, up 8% over the same quarter last year. The company has been seeing good returns from a growing online audience for its ad-based AVOD network – WildBrain Spark – one of the largest networks of kids’ channels on YouTube, with over 109 million subscribers. Its distribution also rose 78% to $15.6 million, compared to $8.8 million a year ago, driven by a large library deal with CBS All Access.
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