LiveXLive Closes On Acquisition Of PodcastOne

Now Part Of LiveXLive

LIVEXLIVE has closed on the acquisition of PODCASTONE. The deal saw LIVEXLIVE acquiring 100% of the equity interests of PODCASTONE parent COURTSIDE GROUP, INC., issuing about 5.36 million restricted shares of LIVEXLIVE common stock to PODCASTONE shareholders, subject to a 12-month lock-up period and trading restrictions. PODCASTONE will operate as a wholly-owned subsidiary of LIVEXLIVE, with PODCASTONE Founder/Exec. Chairman NORM PATTIZ as "significant shareholder," continuing as Exec. Chairman of the subsidiary.

LIVEXLIVE CEO/Chairman ROB ELLIN said, "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. 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."

"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. This is going to be fun!"

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