Vinco Ventures Inc (NASDAQ:BBIG) shares are trading lower Monday. Recent reports indicate the company's deal to buy the National Enquirer collapsed.
What To Know: According to a Wall Street Journal report from late Friday, Vinco Ventures, which agreed to buy the National Enquirer in February, decided that the transaction was no longer in its best interests.
The report noted that American Media, which previously owned the National Enquirer, was fined for hiding negative stories about former President Donald Trump in 2016.
American Media consolidated its business with Accelerate360 in 2020 and changed its name to a360 Media. Vinco Ventures and partner Icon Publishing formed a joint venture to buy the National Enquirer, National Examiner and the Globe from a360 Media earlier this year, but deal terms were not disclosed. The purchase agreement has since expired.
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BBIG Price Action: Vinco Ventures shares closed up 56.7% on Friday. The stock was down 9.57% at $1.70 Monday morning, according to Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
