Business
LiveOne’s PodcastOne Signs Binding LOI to Acquire Fantasy Guru
- Purchase Price 500-800K Shares in PodcastOne at $8 - Adds 24K Subscribers at $8+ ARPU - Expect to be Immediately Accretive Adding $2.5+ Million Revenues and
About this update from Liveone, Inc.
[{"type":"text","content":"- Purchase Price 500-800K Shares in PodcastOne at $8 - Adds 24K Subscribers at $8+ ARPU - Expect to be Immediately Accretive Adding $2.5+ Million Revenues and over $600k in EBITDA - PodcastOne Enters Booming Fantasy Sports Market Valued at Over $20 Billion - Brings Fantasy Guru’s 20 Expert Creators Across Radio/Podcasts and 300K Fans of Fantasy Sports - Artificial Intelligence Including ChatGPT Powers Fantasy Guru to Assist in the Predictions of Player Props and Building of Effective Daily Fantasy Sports Lineups LOS ANGELES, CA, June 26, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- LiveOne (NASDAQ: LVO), an award-winning, creator-first, music, entertainment and technology platform, announced today that it has signed a binding letter of intent to acquire 100% of Guru Fantasy Sports, Inc. (FantasyGuru.com) in an all stock transaction with consideration payable in shares of PodcastOne. If the acquisition is consummated, LiveOne intends to integrate Fantasy Guru as part of PodcastOne’s business. Fantasy Guru is one of the leading fantasy football fantasy sports services, delivering innovative strategies, predictions, and player projections using web-based tools since 1995. It distributes information digitally to its online paid subscribers. It also brings established relationships with numerous gaming brands and advertisers. Fantasy Guru’s CEO, Rob Brink, said, \"This represents an exceptional opportunity for Fantasy Guru to join PodcastOne’s amazing network. I’m thrilled to be working with Kit and the entire PodcastOne team who truly understand our industry and share our vision for the future.\" \"PodcastOne is thrilled to enter the high-value fantasy sports market with this industry-leading brand. Fantasy Guru brings highly attractive subscription revenue which we plan to grow and augment with additional products and services,\" says Kit Gray. \"There are enormous revenue synergy opportunities associated with this transaction.\" Jeff Mans, Chief Content Officer of Fantasy Guru, echoing the excitement, said, \"The benefits of this transaction are exciting. PodcastOne will be an outstanding place for Fantasy Guru to showcase its industry-leading talent.\" The binding letter of intent contemplates an all-stock transaction whereby the sellers of Fantasy Guru would receive shares of PodcastOne’s restricted common stock, subject to Podc...