EX-10.3



 Exhibit 10.3 

FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as
of                    , 2017, by and between Modern Media Acquisition Corp., a Delaware corporation (the “Corporation”), and Continental
Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 
 WHEREAS, the Corporation’s registration
statement on Form S-1, Registration Statement No. 377-01475 (the “Registration Statement”) and related prospectus (the “Prospectus”) for the initial public offering of the Corporation’s units (the “Units”),
each of which consists of one share of the Corporation’s Common Stock, par value $0.0001 per share (the “Common Stock”), and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one share of Common
Stock (only whole warrants are exercisable) (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; 

WHEREAS, the Corporation has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Macquarie Capital (USA)
Inc., as representative of the several underwriters name in Schedule 1 thereto (together, the “Underwriters”); 
 WHEREAS, as
described in the Prospectus, at the closing of the Offering, an aggregate of $250,000,000 of proceeds from the Offering and the sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $287,500,000 if the
Underwriters’ over-allotment option with regards to the Units is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located in the United States (the “Trust Account”) for the
benefit of the Corporation and the holders of shares of Common Stock included in the Units (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) will be referred to herein as the “Property,” the
stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Corporation will be referred to together as the “Beneficiaries”); 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $8,750,000 (or $10,812,500 if the Underwriters’
over-allotment option with regards to the Units is exercised in full) is or will be attributable to deferred underwriting discounts and commissions that may be payable by the Corporation to the Underwriter upon the consummation of the Business
Combination (as defined below) (the “Deferred Discount”); and 
 WHEREAS, the Corporation and the Trustee desire to enter into
this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property. 
 NOW THEREFORE, IT IS AGREED:

 1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

(a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the
Trustee at a branch office of JPMorgan Chase Bank, N.A. located in the United States and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Corporation; 

(b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 







 (c) In a timely manner, upon the written instruction of the Corporation, invest and reinvest the
Property in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money market funds meeting the conditions of paragraphs
(d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined by the Corporation; it being understood that the Trust
Account will earn no interest while account funds are uninvested awaiting the Corporation’s instructions hereunder; 
 (d) Collect and
receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein; 

(e) Promptly notify the Corporation and the Underwriters of all communications received by the Trustee with respect to any Property requiring
action by the Corporation; 
 (f) Supply any necessary information or documents as may be requested by the Corporation (or its authorized
agents) in connection with the Corporation’s preparation of tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of an audit of the Corporation’s financial statements by the
Corporation’s auditors; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the
Property if, as and when instructed by the Corporation to do so; 
 (h) Render to the Corporation monthly written statements of the
activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Commence liquidation
of the Trust Account only (x) after and promptly after receipt of, and only in accordance with, the terms of a letter from the Corporation (“Termination Letter”) in a form substantially similar to that attached hereto as either
Exhibit A or Exhibit B signed on behalf of the Corporation by its Chief Executive Officer, President, Chief Financial Officer, General Counsel, Secretary or Chairman of the board of directors (the “Board”) or other authorized
officer of the Corporation, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the trust account deposits (which interest shall be net of taxes payable and any amounts
released to the Corporation to fund working capital requirements, and less up to $50,000 to the Corporation to pay dissolution expenses, it being understood that the Trustee has no obligation to monitor or question the Corporation’s position
that an allocation has been made for taxes payable), only as directed in the Termination Letter and the other documents referred to therein or (y) upon the date which is 24 months after the closing of the Offering, if a Termination Letter has
not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including
interest earned on the trust account deposits (which interest shall be net of any taxes payable and any amounts released to the Corporation to fund working capital requirements, and less up to $50,000 to the Corporation to pay dissolution expenses),
shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the
Property because it has received no such Termination Letter by the date which is 24 months after the closing of the Offering, the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been
distributed to the Public Stockholders; 

  
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 (j) Upon written request from the Corporation, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Corporation the amount of interest earned on the Property requested by the
Corporation to cover any tax obligation owed by the Corporation as a result of assets of the Corporation or interest or other income earned on the Property, or to cover working capital requirements, which amount shall be delivered directly to the
Corporation by electronic funds transfer or other method of prompt payment, and the Corporation shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust
Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Corporation in writing to make such distribution; so long as there is no reduction in the principal amount initially
deposited in the Trust Account; provided, however, that if the tax to be paid is a franchise tax, the written request by the Corporation to make such distribution shall be accompanied by a copy of the franchise tax bill for the Corporation and
a written statement from the principal financial officer of the Corporation setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from
the Trust Account). The written request of the Corporation referenced above shall constitute presumptive evidence that the Corporation is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; and 

(k) Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i) or (j) above. 

2. Agreements and Covenants of the Corporation. The Corporation hereby agrees and covenants to: 

(a) Give all instructions to the Trustee hereunder in writing, signed by the Corporation’s Chairman of the Board, Chief Executive Officer,
President, Chief Financial Officer, General Counsel or Secretary, or other authorized officer of the Corporation. In addition, except with respect to its duties under Sections 1(i) and 1(j) hereof, the Trustee shall
be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written
instructions, provided that the Corporation shall promptly confirm such instructions in writing; 
 (b) Subject to Section 4 hereof,
hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable and actually incurred counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it
hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the
Trustee hereunder, or the Property or any interest earned on the Property, except for expenses (including counsel fees and disbursements) and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Corporation in
writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of
the Corporation with respect to the selection of counsel, which consent shall not be unreasonably withheld; and provided further that the Corporation shall not be obligated to pay or reimburse more than one separate counsel. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Corporation, which such consent shall not be unreasonably withheld. The Corporation may participate in such action with its own counsel; 

  
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 (c) Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee,
annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and until it is
distributed to the Corporation pursuant to Sections 1(i) through 1(j) hereof. The Corporation shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the
Offering. The Trustee shall refund to the Corporation the monthly fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account. The Corporation shall not be responsible for any other fees or charges of the Trustee
except as set forth in this Section 2(c) and as may be provided in Section 2(b) hereof; 
 (d) In connection with
any vote of the Corporation’s stockholders regarding a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination involving the Corporation and one or more businesses (a
“Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination; 

(e) Provide the Underwriters with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after it issues the same; 
 (f) Instruct the Trustee to make only those
distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement; and 

(g) Within four (4) business days after an exercise of the Underwriters’ over-allotment option or such over-allotment option expires,
provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be less than $8,750,000 (and shall be $10,812,500 if the Underwriters’ over-allotment option is exercised in full). 

3. Limitations of Liability. The Trustee shall have no responsibility or liability to: 

(a) Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein; 
 (b) Take any action with respect to the Property, other than as directed in Section 1
hereof, and the Trustee shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud, bad faith or willful misconduct; 

(c) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Corporation given as provided herein to do so and the Corporation shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto; 
 (d) Refund any depreciation in principal of any Property; 

(e) Assume that the authority of any person designated by the Corporation to give instructions hereunder shall not be continuing unless
provided otherwise in such designation, or unless the Corporation shall have delivered a written revocation of such authority to the Trustee; 

  
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 (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any
action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud, bad faith or willful misconduct. The Trustee may rely conclusively and shall be protected in
acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee with written notification to the Corporation, which counsel may be the Corporation’s counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and
with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms
hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

(g) Verify the accuracy of the information contained in the Registration Statement; 

(h) Provide any assurance that any Business Combination entered into by the Corporation or any other action taken by the Corporation is as
contemplated by the Registration Statement; 
 (i) File information returns with respect to the Trust Account with any local, state or
federal taxing authority or provide periodic written statements to the Corporation documenting the taxes payable by the Corporation, if any, relating to any interest income earned on the Property; 

(j) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and
activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Corporation, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or 

(k) Verify calculations, qualify or otherwise approve the Corporation’s written requests for distributions pursuant to Sections 1(i) and
1(j) hereof. 
 4. Trust Account Waiver. The Trustee shall have no right of set-off or any right, title, interest or claim of any kind
(“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Corporation
under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Corporation and its assets outside the Trust Account and not against the
Property or any monies in the Trust Account. 
 5. Termination. This Agreement shall terminate as follows: 

(a) If the Trustee gives written notice to the Corporation that it desires to resign under this Agreement, the Corporation shall use its
reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Corporation notifies the Trustee that a successor trustee has been appointed and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account,
whereupon this Agreement shall terminate; provided, however, that in the event that the Corporation does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may
submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever; or 

  
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 (b) At such time that the Trustee has completed the liquidation of the Trust Account and its
obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b). 

6. Miscellaneous. 
 (a) The
Corporation and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The Corporation and the Trustee will each restrict access to confidential
information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change
in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Corporation, including, account names, account numbers, and all other identifying information relating to a Beneficiary,
Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud, bad faith or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any
error in the information or transmission of the funds. 
 (b) This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 

(c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) hereof (which may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding shares of Common Stock; provided that no such amendment will affect
any Public Stockholder who has otherwise indicated his election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or
modified (other than to correct a typographical error) by a writing signed by each of the parties hereto. 
 (d) The parties hereto consent
to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS
AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY. 
 (e) Any notice, consent or request to be given in connection with any of the
terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by electronic or facsimile transmission: 

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

17 Battery Place 
 New York, New
York 10004 
 Attn: Steven Nelson and Sharmin Carter 

Fax No.: (212) 558-6731 

Email: cst_compliance@continentalstock.com 

  
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 if to the Corporation, to: 

Modern Media Acquisition Corp. 

1180 Peachtree Street, N.E., Suite 2400 

Atlanta, GA 30309 
 Attn: Lewis W.
Dickey, Jr. 
 Fax No.: 
 Email:

 in each case, with copies to: 

Jones Day 
 1420 Peachtree Street,
N.E. 
 Suite 800 
 Atlanta, GA
30309 
 Attn: Mark Hanson, Esq. 

Fax No.: (404) 581-8330 

Email: mlhanson@jonesday.com 
 and

 Macquarie Capital (USA) Inc. 

125 West 55th Street, Level 22 

New York, NY 10019 
 Attn: Jin
Chun 
 Fax No.: (212) 231-1717 

Email: Jin.Chun@macquarie.com 

and 
 Greenberg Traurig, LLP 

MetLife Building 
 200 Park Avenue

 New York, NY 10166 
 Attn:
Alan Annex, Esq. 
 Fax No.: (212) 801-6400 

Email: annexa@gtlaw.com 
 (f) This
Agreement may not be assigned by the Trustee without the prior consent of the Corporation. 
 (g) Each of the Corporation and the Trustee
hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any
claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 

  
 7 








 (h) This Agreement is the joint product of the Trustee and the Corporation and each provision
hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

(i) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof. 

(j) Each of the Corporation and the Trustee hereby acknowledges and agrees that the Underwriters are third party beneficiaries of this
Agreement. 
 (k) Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any
other person or entity. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as
of the date first written above. 
  

					
	Continental Stock Transfer & Trust Company, as Trustee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Modern Media Acquisition Corp.
		
	By:	 	  

		 	Name:	 	Lewis W. Dickey, Jr.
		 	Title:	 	President and Chief Executive Officer









 SCHEDULE A 
  

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
	 Initial acceptance fee
	  	Initial closing of the Offering by wire transfer.	  	$	2,000.00	 
	 Annual fee
	  	First year fee payable at initial closing of the Offering by wire transfer and thereafter on the anniversary of the effective date of the Offering by wire transfer or check.	  	$	10,000.00	 
	 Transaction processing fee for disbursements to Corporation under Sections 1(i) and 1(j)
	  	Deduction by Trustee from accumulated income following disbursement made to Corporation under Section 1.	  	$	250.00	 
	 Paying Agent services as required pursuant to Section 1(i)
	  	Billed to Corporation upon delivery of service pursuant to Section 1(i).	  	 
	Prevailing
rates	 
 








 EXHIBIT A 

[Letterhead of Corporation] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 17 Battery Place 
 New
York, New York 10004 
 Attn: Steven Nelson and Sharmin Carter 
  

	 	Re:	Trust Account No.             Termination Letter 


Gentlemen: 
 Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Modern Media Acquisition Corp. (the “Corporation”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as
of             , 2017 (the “Trust Agreement”), this is to advise you that the Corporation has entered into an agreement
with             (the “Target Business”) to consummate a business combination with the Target Business (the “Business Combination”) on or
about            ,         . The Corporation shall notify you at least forty-eight (48) hours in advance of the actual date (or such
shorter time period as you may agree) of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
on             , and to transfer the proceeds into the above-referenced trust checking account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the
funds held in the Trust Account will be immediately available for transfer to the account or accounts that Macquarie Capital (USA) Inc. (with respect to the Deferred Discount) and the Corporation shall direct on the Consummation Date. It is
acknowledged and agreed that while the funds are on deposit in the trust checking account at JPMorgan Chase Bank, N.A. awaiting distribution, neither the Corporation nor the Underwiters will earn any interest or dividends. 

On the Consummation Date (i) counsel for the Corporation shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Corporation (the “Notification”) and (ii) the Corporation shall deliver to you (a) [an affidavit] [a
certificate] of the Chief Executive Officer, President, Chief Financial Officer, General Counsel, Secretary, or other authorized officer of the Corporation, which verifies that the Business Combination has been approved by a vote of the
Corporation’s stockholders, if a vote is held and (b) joint written instruction signed by the Corporation and the Underwriters with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount
from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the
terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Corporation in writing of the same and the Corporation shall direct you
as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Corporation. Upon the distribution of all the funds, net of any payments necessary for reasonable and actually incurred unreimbursed
expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated. 

  
 A-1 








 In the event that the Business Combination is not consummated on the Consummation Date described
in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Corporation, the funds held in the Trust Account shall be
reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice or as soon thereafter as possible. 

 

			
	Very truly yours,
	
	Modern Media Acquisition Corp. Inc.
		
	By:	 	
		 	Name:
		 	Title:


  

	cc:	Macquarie Capital (USA) Inc. 


  
 A-2 








 EXHIBIT B 

[Letterhead of Corporation] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 17 Battery Place 
 New
York, New York 10004 
 Attn: Steven Nelson and Sharmin Carter 
  

	 	Re:	Trust Account No.             Termination Letter 


Gentlemen: 
 Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Modern Media Acquisition Corp. (the “Corporation”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as
of            , 2017 (the “Trust Agreement”), this is to advise you that the Corporation has been unable to effect a business combination with a Target Business (the
“Business Combination”) within the time frame specified in the Corporation’s Second Amended and Restated Certificate of Incorporation (as may be amended, modified or restated) and as described in the Corporation’s Registration
Statement and related Prospectus with regards to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account
on            , 2019 and to transfer the total proceeds into the trust checking account at JPMorgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Corporation has
selected            , 2019, as the record date for the purpose of determining the Public Stockholders entitled to receive their share of the liquidation proceeds. You agree to be the Paying
Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Corporation’s Public Stockholders in accordance with the terms of the Trust Agreement and the Corporation’s Second Amended and
Restated Certificate of Incorporation. Upon the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement. 

 

			
	Very truly yours,
	
	Modern Media Acquisition Corp. Inc.
		
	By:	 	
		 	Name:
		 	Title:


  

	cc:	Macquarie Capital (USA) Inc. 


  
 B-1 








 EXHIBIT C 

[Letterhead of Corporation] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 17 Battery Place 
 New
York, New York 10004 
 Attn: Sharmin Carter and Fran Wolf 
  

	Re:	Trust Account No.            Tax Payment Withdrawal Instruction 


Gentlemen: 
 Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Modern Media Acquisition Corp. (the “Corporation”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as
of            , 2017 (the “Trust Agreement”), the Corporation hereby requests that you deliver to the Corporation
$            of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 The Corporation requests such funds [to pay for the tax obligations as set forth on the attached tax return or tax statement] [for
working capital purposes]. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Corporation’s operating account
at: 
 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	Modern Media Acquisition Corp. Inc.
		
	By:	 	
		 	Name:
		 	Title:


  

	cc:	Macquarie Capital (USA) Inc. 


  
 C-1