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Alliance Entertainment to Merge with SPAC Adara Acquisition

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Alliance Entertainment to Merge with SPAC Adara Acquisition #Alliance #Entertainment #Merge #SPAC #Adara #Acquisition Welcome to TmZ Blog, here is the new story we have for you today:

By Will Feuer

Alliance Entertainment Holding Corp., a distributor and wholesaler of music, movies and other entertainment, has agreed to merge with special-purpose acquisition company Adara Acquisition Corp.

Once the deal closes, expected in the fourth quarter, the combined company will trade on the New York Stock Exchange American under the ticker symbol AENT. The deal values the combined company at about $480 million.

“Alliance Entertainment, with limited capital, has grown into a leading distributor and wholesaler of entertainment products,” Alliance Entertainment Chairman Bruce Ogilvie said. “As a public company, we will be well positioned to pursue future strategic combinations that further diversify our products offerings, and to invest further in our operations and proprietary technology.”

Mr. Ogilvie will remain chairman after the deal closes and Jeff Walker will remain chief executive, the companies said.

As of March 31, Alliance Entertainment generated annualized revenue of $1.4 billion and adjusted earnings before interest, taxes, depreciation and amortization of $76 million. More than 38% of the company’s revenue was delivered directly to consumers’ homes through its ecommerce division, it said.

The deal will allow Alliance Entertainment to make further investments, including in automating facilities and upgrading proprietary software, the company said.

Write to Will Feuer at Will.Feuer@wsj.com

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