• British audio on-demand platform AudioBoom announced its intent to acquire Triton Digital. However, the unique $185 million deal will constitute a reverse takeover of Triton Digital — instead of Triton Digital being absorbed into AudioBoom, the opposite will occur — if the deal is consummated, AudioBoom will change its name to Triton Digital Group and its CEO Robert Proctor will step aside into an executive director position. At the same time, Triton Digital President/CEO Neal Schore and EVP/CFO Mark Rosenbaum will join the AudioBoom Board in similar roles.
In a statement provided to the London Stock Exchange, AudioBoom laid out the reasoning behind this unique arrangement, stating, “Launched in 2006 and providing services in over 40 countries, the Directors believe Triton to be one of the largest technology and service providers to the online audio industry. Triton’s offering represents a broad suite of audio technology services and tools that support over-the-air, online and on-demand audio publishers. Triton has a strong penetration of the U.S. radio broadcaster market that, according to a report published by the Radio Advertising Bureau on March 3, 2016, represents an approximately $17.5 billion market based on annual advertising.”
The statement continued, “The Directors believe that the Proposed Acquisition presents an opportunity to combine leading audio infrastructure, metrics and ad-serving companies that service the expanding global live and on-demand publisher base. The Directors are of the view that there are natural synergies between the businesses within the proposed Enlarged Group, with complementary functionality, cumulative client bases and global enterprise and consumer footprints. The Directors also believe that the proposed Enlarged Group has the potential to be a leading global digital audio services provider to both live and on-demand publishers, with the scale and reach to capture a significant share of the revenues available within the global online audio industry as a whole.”