LiveXLive To Acquire PodcastOne
• LiveXLive Media, Inc., announced today that it has signed a definitive agreement to acquire Courtside Group, Inc., the owner and operator of PodcastOne in an all-stock deal valued at $18.1 million based on LiveXLive’s closing price on May 7, 2020.
PodcastOne generates over 2.1 billion downloads annually and produces over 350 episodes per week. PodcastOne’s library of over 300 podcasts includes shows from Adam Carolla, “Stone Cold” Steve Austin, Shaquille O’Neal, Dr. Drew, Mike Tyson, Rich Eisen, and many more.
“We’re excited to expand our business into the fast-growing podcast category, complementing our music platform of streaming audio, on-demand video and live event performances,” said Robert Ellin, Chairman and CEO of LiveXLive. “The acquisition will add to and diversify our revenue with a strong advertising component. Once acquired and integrated, we will have a significant opportunity to cross-sell and cross-promote to our respective subscribers, advertisers, and sponsors as well as provide our collective artists and on-air talent with and expanded platform to increase their social media and online presence.
PodcastOne’s Founder & Executive Chairman, Norm Pattiz, will join LiveXLive as a significant shareholder and remain as Executive Chairman of PodcastOne. Pattiz famously founded and built Westwood One into the largest radio network in America. “All of us at PodcastOne are excited about joining the LiveXLive team, and taking advantage of obvious future synergies between our businesses,” said Pattiz. “I look forward to working with 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.” Elin added, “I look forward to adding Norman to our management team. His entrepreneurial brilliance, as well as his incredible drive as a business executive, will be a valuable asset to LiveXLive.”
The planned consolidation of both L.A.-based teams is anticipated to generate cost synergies and combine back-end support and office locations. LiveXLive also plans to integrate PodcastOne into its music platform, while PodcastOne will bring an experienced advertising sales team, tripling the size of the current LiveXLive sales team, as well as an established roster of major national brand advertisers and new distribution channels. The proposed acquisition is expected to close by June 2020, subject to certain closing conditions.
