Former Turner Sports COO Matthew Hong is the chairman nominee of Newbury Street Acquisition Corporation, a new SPAC with aims to raise $150M in an IPO. Per the company’s prospectus, which was filed Friday night, Newbury will focus on acquiring a high-growth technology business that’s “in the consumer internet or media space, including sports and entertainment verticals, with enterprise values of approximately $500 million to $2.5 billion.” The filing specifically highlights business opportunities in video streaming and notes the success of esports events during the pandemic.
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Hong spent 11 years at Turner Sports and was responsible for negotiating broadcast rights deals with the NBA, MLB, NASCAR, NCAA and the UEFA Champions League, among other major properties, in addition to leading Turner’s acquisition of Bleacher Report. Hong departed the company in June '19, and he is currently a senior advisor to NASCAR, in addition to other corporate advisory roles.
Newbury will offer 15 million units priced at $10, and underwriters will be able to purchase up to 2.25 million additional units to cover over-allotments. Units include a single share of common stock plus one-half of one warrant; a whole warrant entitles its holder to purchase a share of common stock for $11.50. Newbury will have two years to close a merger. The stock will be listed on the NASDAQ Capital Market, and investment bank EarlyBirdCapital is the lead underwriter.
