Embattled media research giant Comscore aims to steady ship with new funding
Comscore, the prominent media research and analysis firm, has raised $20 million in an attempt to strengthen its finances.
The company has also secured an option to increase the investment to $50 million. The money was raised through the sale of shares to Cayman Islands firm CVI Investments.
Comscore has endured a difficult few months, including the exits of its CEO Bryan Wiener, president Sarah Hofstetter, and COO Kathryn Bachmann.
Bachmann departed less than a month after joining, and it was understood at the time that Comscore does not intend to replace her. Meanwhile Wiener, who left in March, was the company's fourth CEO in five years
The new investment sees Comscore's stock priced at $7.33 per share, close to a ten-year low and dramatically down on their August 2015 peak of $64.
In March 2016 the company announced an investigation into accounting irregularities. On its completion six months later, it was found that the firm's last three years of financial statements "should no longer be relied upon".
Comscore has since announced plans to reduce headcount by 10 per cent.
Commenting on the new investment, the company's interim CEO Dale Fuller said in a statement: “This transaction strengthens our balance sheet and positions us to pursue our refocused growth strategy while providing the flexibility to better apply resources to meet our business objectives, and ultimately drive long-term value for our stockholders.”