LiveXLive Now Owns PodcastOne
• LiveXLive Media, Inc. announced that it has completed the acquisition of PodcastOne, a leading subscription and advertiser-supported podcast network, in an all-stock deal. Under the terms of the acquisition, LiveXLive acquired 100% of the equity interests of Courtside Group, Inc., the owner and operator of PodcastOne, and issued to stockholders of PodcastOne approximately 5.36 million restricted shares of LiveXLive’s common stock, which are subject to a 12-month lock-up period and certain trading restrictions thereafter. PodcastOne, which recorded revenue of $27.5 million in calendar 2019, will operate as a wholly-owned subsidiary of LiveXLive.
“With this acquisition, we 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, CEO & Chairman of LiveXLive. “We see 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 an expanded platform to increase their social media and online presence.”
PodcastOne’s Founder & Executive Chairman, Norm Pattiz joins LiveXLive as a significant shareholder and will remain Executive Chairman of PodcastOne. “We did this deal to stay on the cutting edge of digital content,” said Pattiz. “We now offer streaming video to our podcast partners and sponsors in the form of ‘Vodcasts’. Our creative teams are collaborating on a variety of new ideas to add to our arsenal of unique and compelling content and events.” He added, “This is going to be fun!”
Since announcing plans to acquire PodcastOne in May of this year, the two companies have already partnered on two Vodcast (video podcast) specials with Adam Carolla — both of which generated record-setting viewership of over 1.1 million live streams per event. LiveXLive has also adapted its flagship news and commentary show LiveZone into a weekly audio podcast format and plans to bring all relevant programming to PodcastOne’s audience. The businesses are also exploring programming blocks on LiveXLive’s 24/7 linear channels and SmartTV apps on Samsung, Roku, Amazon Fire, Apple TV, with more coming soon.
