According to a CNBC article, GoPro is looking for a buyer for the company and has enlisted the firm J.P. Morgan Chase to help administer the sale. It was reported earlier that the CEO, Nick Woodman, was open to opportunities to “unite with a bigger parent company” to help “scale GoPro even bigger.”
This development comes soon after news of a recent layoff at the action cam company that saw approximately 300 people leave the company, which leaves less than 1000 employees. GoPro recently also shut down its drone department with the cancellation of the Karma project to focus solely on its line of action cams.
With the action camera market saturated with newcomers offering more affordable solutions, GoPro has seen its share of the market decline in recent years. The competition recently drove GoPro to reduce the price of their newest camera, the Hero6 Black, by $100 down to $399 in hopes of increasing sales.
Shares of the company were down almost 20 percent on updated guidance coming off a weaker than anticipated holiday season.
There is no official word from GoPro on the sales rumor, as a spokesperson declined to comment.