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Investing.com -- MNTN, a company that allows brands to advertise on internet-connected televisions, is postponing its initial public offering (IPO) that was scheduled for next week, according to headlines from Bloomberg News. This decision comes amidst a turbulent market environment.
The company’s decision to delay its IPO follows similar decisions by other firms. Swedish fintech Klarna and New York-based ticket platform StubHub Holdings Inc. have also put their IPO plans on hold recently.
MNTN’s platform is increasingly relevant as more consumers are cutting the cord and moving towards streaming platforms. The company assists brands in refining their marketing strategies for this new landscape.
In 2022, MNTN secured backing from notable investors including BlackRock (NYSE:BLK) and Fidelity Management and Research during a funding round. These investors have shown confidence in MNTN’s business model and its potential for growth in the evolving media landscape.
It remains unclear when MNTN will proceed with its IPO, and will likely depend on market conditions. As of now, the company has not provided a new date for the launch.
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