GoPro Is Said to Hire JPMorgan to Advise on Potential Sale
GoPro has hired investment bank JPMorgan to advise on a potential sale of the struggling wearable-camera maker, according to Bloomberg, citing a person familiar with the matter.
Earlier this week, the company unveiled plans to cut more than 20 percent of its global workforce and exit the drone business after a disappointing fourth quarter. "If there were an opportunity for GoPro to partner up with a larger organization that would help us scale, that’s certainly something we would consider," CEO Nick Woodman said in an interview with Bloomberg TV.
"Our job is to align GoPro with consumer behavior and look for opportunities to expand the appeal and reach and relevance of GoPro. Sometimes that’s easier if done with a partner or an acquiring company." Woodman confirmed that JPMorgan is GoPro’s banker. He said GoPro has “not engaged” with the bank to help sell the company at the moment.