Business
LiveOne to Acquire Certain Assets of Kast Media
- Proposed Deal Expected to Add $10+ Million in Annual Revenues, Anticipated to be Accretive to LiveOne’s EBITDA and Revenues - Acquisition Would Bring
About this update from Liveone, Inc.
[{"type":"text","content":"- Proposed Deal Expected to Add $10+ Million in Annual Revenues, Anticipated to be Accretive to LiveOne’s EBITDA and Revenues - Acquisition Would Bring In-House IP Development and Ownership to LiveOne and Its Subsidiaries and Expected to Include More Than 25 Weekly Podcasts and 33 Million Monthly Downloads - Assets Expected to Include Top Kast Media Shows Some More News, Brendan Schaub's Fighter and The Kid, The Opportunist, Lost In Panama, Vigilante, and Was It Real? and Top Tier Host Talent Ellyn Marsh, Rabia Chaudry, Whitney Cummings, Peabody Award Recipient Mariana Atencio, and Audrina Patridge - LiveOne Combined Podcast Network Distribution Would Rise to Over 340 Episodes Weekly and Nearly 750 Million IABv2 Verified Downloads Annually LOS ANGELES, CA, May 23, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- LiveOne (NASDAQ: LVO) announced today that it has entered into a letter of intent to acquire certain assets of the Los Angeles-based podcast network, development and production company Kast Media in an all-stock deal. If completed, the proposed acquisition is expected to increase annual consolidated revenue for LiveOne by over $10 million and is anticipated to be accretive to EBITDA and revenues. “Our goal is to entertain, inform and inspire through our shows, and LiveOne has the infrastructure, reach, and operational excellence to take that mission to the next level,” said Colin Thomson, Founder and CEO of Kast Media, and Executive Producer of Kast’s owned narrative IP slate. “LiveOne’s commitment to our premium original podcasts will allow us to expand IP development and production to increase our original owned content slate. We look forward to completing the deal and working shoulder to shoulder with the impressive team at LiveOne.” LiveOne’s CEO and Chairman, Robert Ellin, stated, “LiveOne has long admired Kast Media’s roster of top-notch podcast programming, their host talent and their development in IP. Through this collaboration with Colin and his team, we expect to deliver a slate of original programming with an eye toward second window TV.” The letter of intent with Kast Media is non-binding and the contemplated acquisition is subject to execution of definitive documentation with Kast Media, completion of due diligence, settlement of Kast Media’s outstanding obligations, obtaining applicable approvals and consents ...