GoPro, the action camera maker that has struggled financially since entering the public markets, is open for a sale — but denies enlisting help to pursue one. CNBC reported today that the company has hired JPMorgan to explore options for a sale. The announcement comes on the same day that GoPro announced it would exit the drone business following the disappointing performance of its Karma line of drones.
GoPro founder and CEO Nick Woodman told Bloomberg Technology that “I can confirm that JPMorgan is in fact our banker, but we have not engaged them to help us sell the company.” He said that GoPro was potentially interested in selling, but not actively searching for a buyer. “If there were an opportunity for GoPro to partner up with a larger organization that could help us scale the company,” he said, “that’s certainly something that we would consider. But it’s not something that we’re actively engaged in at the moment.”
This expands upon an earlier statement Woodman made to CNBC. “If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at,” he said.
GoPro was valued at $3 billion after an initial public offering in 2014, but declining revenues in its core camera business, and unprofitable efforts to explore lines of business in drones and video-editing software, have left it open to attack.
If GoPro is selling, it’s unclear which companies may bid on it. The company’s market capitalization has fallen to about $1 billion as of Monday afternoon.
Update 3:00PM ET: Added Bloomberg Technology statement from Nick Woodman.