Trump Media & Technology Group and TAE Technologies will proceed with their planned $6 billion merger after deciding not to pursue a previously discussed spinoff of media assets such as Truth Social, according to a Wednesday statement.
The companies, along with Texas Ventures Acquisition III, said they had ended discussions around separating certain Trump Media businesses into a standalone public entity.
Earlier this year, the parties explored a structure that would have placed Truth Social and related media assets into a newly listed company through a combination with Texas Ventures Acquisition III.
The proposal was designed to take effect after completion of the merger between Trump Media and California-based fusion-energy company TAE Technologies.
The contemplated transaction would have involved a special purpose acquisition company led by executives and associates connected to the Trump family.
After the merger closes, the board of the combined company is expected to assess potential strategic alternatives for its legacy media assets.
The companies said the merger remains targeted for completion during the fourth quarter of this year or sooner.