Reston-based Comscore closes investment transactions
Investments from were used to retire $200M+ in debt, improve liquidity
Reston-based media measurement and analytics company Comscore Inc. announced Thursday that it has closed its previously announced investment transactions with Connecticut-based Charter Communications Inc., Colorado-based Qurate Retail Inc. and an affiliate of New York-based Cerberus Capital Management LP.
Each of the three companies made a cash investment in exchange for shares of convertible preferred stock, previously reported at $204 million ($68 million per investor) at $2.47 per share. Proceeds from the investment were used to repay and extinguish Comscore’s senior secured convertible notes held by affiliates of Starboard Value LP. Comscore also repaid and extinguished its foreign secured term note.
A competitor of analytics and media ratings firm Nielsen Holdings PLC, Comscore has struggled as media consumption habits have rapidly changed. It has also experienced financial challenges. In recent years, Comscore also has faced executive departures, an accounting scandal and a Securities and Exchange Commission investigation that resulted in Comscore paying a $5 million settlement in 2019.