UMG Media Ltd. (TSXV:ESPT) entered into an agreement to acquire Activate Entertainment LLC for CAD 3.6 million on August 7, 2019. In consideration for the acquisition of Activate, UMG will issue 2.33 million common shares. Additionally, the shareholders of Activate have the ability to receive CAD 3 million in additional common shares ("Performance Shares") of UMG. The Performance Shares will be earned over the 18 month period following the closing of the transaction which will be based directly on the gross revenue of Activate. The transaction is subject to due diligence and regulatory approval, including the acceptance of the TSX Venture Exchange. As of September 16, 2019, the transaction did not receive the regulatory approval. The transaction is expected to close in the next 30 days. As of September 16, 2019, the transaction is expected to close within the next week. UMG Media Ltd. (TSXV:ESPT) cancelled the acquisition of Activate Entertainment LLC on November 6, 2019.