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© GoPro Electronics Production | January 10, 2018

GoPro open to sale - but not looking for buyer

The action camera maker – who recently announced its exiting the drone market – says it wouldn’t be oppose to partnering with a larger company, but isn’t actively engaged in a sale.
Following the company’s announcement that it will exit the arial market once it has sold out its existing Karma inventory, reports were coming out stating that GoPro had contracted J.P. Morgan to assist the company with a sale process.

In an emailed statement to Reuters the company denies that it has hired J.P. Morgan for this purpose, but also states that the company would possibly be open to a sale.

“We’ve always been clear that we are open to any opportunity that will help us scale our mission. JP Morgan is our banker, but there is no active engagement to sell,” the company said in the email.

The company also stated that; "if the right opportunity presented itself, it’s something we would consider."

As previously reported, GoPro is looking to cut costs and will do so by reducing its global workforce from 1’254 employees to fewer than 1’000 employees worldwide. CEO Nicholas Woodman will also reduce his 2018 cash compensation to a single dollar. And as previously stated in this text, the company will exit the arial market as it has been deemed untenable. The company will however continue to provide service and support to Karma customers.

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August 20 2018 3:56 pm V10.1.0-1