MNTN, the parent company of Ryan Reynolds' Maximum Effort, has entered into an agreement to offload its interest in the production company and digital marketing agency to "an affiliate of its original owner.

MNTN Inc., a connected TV advertising platform that counts Hollywood star Ryan Reynolds as its chief creative officer, filed for an initial public offering, showing revenue growth and narrowing losses.

MNTN, a connected TV advertising platform that has Ryan Reynolds as its chief creative officer, filed for an initial public offering in the United States on Friday. The company enables brands to advertise on connected TVs — devices with access to the internet that can stream online videos.