LiveOne To Spin PodcastOne Into Separate Company

Going Solo Again

LIVEONE is spinning off PODCASTONE into its own separate public company and has closed on a private placement of convertible notes and warrants totalling $8.1 million before expenses (including $3 million invested by LIVEONE). The financing places a pre-money valuation of $60 million on PODCASTONE, which is anticipated to complete its spinoff by the end of the year.

CEO ROB ELLIN said, "The goal of both our management team and board of directors is to maximize stockholder value. PODCASTONE has been a tremendous addition to LIVEONE since our acquisition in 2020, and we feel strongly that the market value of our stock dramatically undervalues the sum of our parts, which includes our PODCASTONE subsidiary. Upon the successful completion of the spin out, we believe PODCASTONE will be the only major pure play podcast company trading on a national exchange."

PODCASTONE Pres. KIT GRAY added, "The podcasting business has exploded over the past five years and PODCASTONE is one of the largest independent podcast companies in the world. The company is one of only two independent podcasting publishers in the top 10 of PODTRAC's list of Top Publishers. We believe that by trading as a separate public company, PODCASTONE will have the opportunity to access the public capital markets as well as be better positioned to both acquire podcast platforms and attract significant podcast talent."

« see more Net News