Digital Media Solutions, Inc. (DMS), a Clearwater, Florida-based digital performance advertising company founded in 2012 and taken public via a $757 million SPAC merger with Leo Holdings Corp. in 2020, filed for Chapter 11 protection on September 12, 2024 in the Southern District of Texas (Case No. 24-90468) before Judge Alfredo R. Perez along with 36 affiliated debtors. The filing followed sequential revenue declines driven by post-pandemic advertising spend pullbacks in the company's core insurance vertical—revenue fell from $334.9 million in 2023 to $70.7 million in Q1 2024 alone (down 21% YoY)—and a five-month prepetition marketing process that failed to yield a going-concern stalking horse bid. DMS entered bankruptcy carrying approximately $346.1 million in funded debt across term loan tranches and a revolving facility, and obtained a $121.9 million DIP facility consisting of $30 million in new money and a $91.9 million roll-up of prepetition loans. The core operating assets were sold to a consortium led by BlackRock funds and accounts, with Bain Capital, Blackstone, and Abry Partners, through a $95 million credit bid approved November 4, 2024, with the sale closing February 28, 2025. The ClickDealer affiliate marketing platform was sold separately to iMonMedia for $8 million. The court confirmed the plan on January 15, 2025 and entered a final decree closing the affiliated cases on March 28, 2025, approximately six months after filing.