World Media and Entertainment Universal and Black Spade Acquisition II (BSII) announced that they have entered into a business combination agreement. Upon the completion of the transactions contemplated by the business combination agreement, the combined company will retain its name World Media and Entertainment Universal and its headquarters in Paris, and its ordinary shares will be listed on a U.S. stock exchange. The business combination values WME at an equity value of approximately $488M, not including cash from BSII’s approximately $153Mof cash in trust. The transaction is expected to close in mid-2025, subject to regulatory and shareholder approvals, and other customary closing conditions. After the transaction, assuming no BSII shareholders elect to have their BSII shares redeemed for cash as permitted, existing shareholders of WME will hold over 70% of the combined company.