Connected TV advertising platform MNTN is reportedly considering going public in early 2025.
The firm, whose chief creative officer is actor Ryan Reynolds, selected Morgan Stanley to work on its initial public offering (IPO), Bloomberg reported Friday (Sept. 27), citing unnamed sources.
Deliberations around the IPO are ongoing, and details could change, according to the report.
MNTN did not immediately reply to PYMNTS’ request for comment.
The company’s advertising software includes targeting, measurement and automated optimization technology designed to help brands promote themselves on connected TVs, according to the report.
In 2021, MNTN acquired Reynolds’ creative agency, Maximum Effort, and raised $119 million in a Series D financing round, per the report.
The company’s Series D round closed in the fourth quarter of 2021 and was announced by the firm in a February 2022 press release. The round was co-led by funds and accounts managed by BlackRock and Fidelity Management and Research Co.
MNTN said in the release that the number of viewers making streaming their preferred way of watching television had exploded, that large advertisers were moving to connected TV because of this growth in consumption, and that MNTN’s software enables advertisers to buy connected TV inventory and measure its performance in real time.
Patrick Pohlen, chief financial officer at MNTN, said in the release: “I’ve worked in venture and technology for over 25 years but this company and our new partners are special. Connected TV is transforming the advertising landscape and MNTN is leading the charge.”
In a blog post announcing MNTN’s acquisition of Maximum Effort, MNTN CEO Mark Douglas and Reynolds wrote that the combination brought together tech and creative to simplify and accelerate advertising.
“We believe the meteoric rise of Connected TV presents a once-in-a-generation opportunity to bring media and creative closer together,” they wrote. “The demand for easy-to-use tech and superb, fast-turn creative is certain to climb thanks to an increase in inventory and advertisers new to TV — many of whom can’t afford upfronts. Independently, our companies have embraced and excelled because of our commitment to simplicity and speed. Together, we think the opportunities are endless.”
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