iHeartMedia announced today that they would make a strategic investment deal with High Times Holding Corp. The $5,000,000 advertising deal comes alongside a $10,000,000 investment.
Per the terms of the agreement, High Times will gain access to the radio brand’s “inventory, outdoor advertising, mass media expertise, and other associated services”. iHeart will commit to High Times a minimum of $5,000,000 worth of advertising media inventory on the iHeart broadcast radio stations throughout the United States, as well as on its Clear Channel out-of-home advertising billboards. High Times intends to utilize the ad media inventory purchases to publicize its pending maximum $50 million Regulation A+ initial public offering.
“The synergies are obvious,” said Adam Levin, chairman and CEO of High Times. “While TV and movies influence culture, music and events define it. This strategic alignment gives both organizations a vested interest in each other and sets the stage for some really interesting collaborations in the future.”