Festival streamer LiveXLive to acquire PodcastOne
Digitally focused live entertainment group LiveXLive has announced its acquisition of Courtside Group, the owner and operator of podcasting network PodcastOne.
The all-stock deal – worth an estimated US$18.1 million based on LiveXLive’s share price ($3.32) at market close yesterday (7 May) – sees LiveXLive acquire a company that boasts more than two billion podcast downloads annually produces over 350 episodes per week. PodcastOne’s roster of creators includes Shaquille O’Neal, Adam Carolla, TI, Mike Tyson, Dr Drew and ‘Stone Cold’ Steve Austin.
With the acquisition, LiveXLive, best known for its livestreaming of music festivals, becomes the latest live entertainment business to buy into the growing podcast market, with UTA an investor in US podcast hosting platform ART19, while companies including Kilimanjaro Live and Podcast Live organise live shows featuring podcasters in the UK.
“PodcastOne’s well-established podcasting business is an excellent complement to LiveXLive’s ‘live social music network’”
“All of us at PodcastOne are excited about joining the LiveXLive team, and taking advantage of obvious future synergies between our businesses,” says PodcastOne founder Norman Pattiz, who joins LiveXLive as a “significant” shareholder. “I look forward to working with [CEO] Rob Ellin to close the acquisition and achieve the growth we both envision.
“PodcastOne is a premium producer, distributor and revenue generator for audio-on-demand programming. PodcastOne’s well-established podcasting business is an excellent complement to LiveXLive’s ‘live social music network’, delivering premium livestreams, digital audio and on-demand music.”
In addition to its live streams from festivals and concerts, where its partners include Rock in Rio, Montreux Jazz Festival and EDC Las Vegas, Nasdaq-listed LiveXLive produces its own original music content; owns ticketing company Wantickets (now apparently defunct), management firm LXL Influencers and digital radio business Slacker; and is partnered with China’s Allied Esports.
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