Former President Donald Trump this week introduced the Trump Media & Technology Group with plans to launch new social media and streaming platforms.
The plans include TMTG+, a subscription video on-demand service that is being positioned as an alternative to Disney+, Hulu and Netflix.
“TMTG+ is an on-demand streaming service that will provide news, big-tent entertainment, exciting documentaries, sports programming, and more,” the company wrote on its website. “The American public is seeking ‘non-woke’ entertainment, and TMTG+ will provide content for all to enjoy.”
Details regarding pricing, release date and programming for TMTG+ are not currently available by the company did say that it has hired Scott St. John, a producer whose credits include “Deal or No Deal” and “America’s Got Talent,” to lead operations for the new streaming service.
RELATED: Trump issues executive order to ban business with TikTok
The streaming service plans accompany news that the Trump Media & Technology Group has signed a merger agreement SPAC Digital World Acquisition to take TMTG public. The company said the transaction implies an initial enterprise value of $875 million with a potential post-merger valuation of up to $1.7 billion depending on how the stock performs. The company is planning to use $293 million in cash from DWAC to help fund its initial growth for TMTG+ and the Truth social network.
"Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose. DWAC currently has $293 Million in trust, assuming minimal redemptions, which can fuel TMTG’s scale up, including to provide world class leading technology services to build strong and secure social networks and diverse media offerings. Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value,” said DWAC CEO Patrick Orlando in a statement.