- Proposed Deal Expected to Add $10+ Million in Annual Revenues, Anticipated to be Accretive to LiveOne’s EBITDA and Revenues
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- Assets Expected to Include Top Kast Media Shows Some
- LiveOne Combined Podcast Network Distribution Would Rise to Over 340
“Our goal is to entertain, inform and inspire through our shows, and
LiveOne’s CEO and Chairman,
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 and other customary closing conditions. There can be no assurance that the proposed acquisition will be completed and/or within the anticipated timeline.
About Kast Media
Since its inception in 2016, Kast Media has been one of the leaders in the multi-channel, simulcast strategy for podcasting with their programming available on YouTube as well as traditional audio-first podcast apps. Kast’s slate of shows has been nominated for Webby Awards, Streamy Awards and Ambie Awards. Kast Media has a reputation for developing high quality narrative podcasts, releasing four wholly owned and internally produced hits in the true crime genre, including The Opportunist (19th largest debut podcast in 2021 as defined by Podtrac) and Lost in
Kast Media is one of the only few remaining major independent podcast networks, and one of the first leaders in the multi-channel simulcast strategy for show creation and distribution. As the #11 podcast network according to
About
Headquartered in
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue; the Company’s ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, including the proposed special dividend and spin-out of PodcastOne (the “Spin-Out”) and the Company’s pay-per-view business and the proposed merger of Slacker with Roth CH Acquisition V Co. (the “Proposed Business Combination”), the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s or Slacker’s ability to list on a national exchange; the Company’s ability to continue as a going concern; the Company’s ability to attract, maintain and increase the number of its users and paid members; the Company identifying, acquiring, securing and developing content; the Company’s intent to repurchase shares of its common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company’s ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended
* Included in the total number of paid members for the reported periods are certain members which are the subject of a contractual dispute.
No Offer or Solicitation
This communication does not constitute a proxy statement or solicitation of a proxy, consent, vote or authorization with respect to any securities or in respect of the Spin-Out or the Proposed Business Combination and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange any securities, nor shall there be any sale, issuance or transfer of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Press Contacts:
press@liveone.com
LiveOne IR Contact:
PCG Advisory
(646) 823-8656
ksmith@pcgadvisory.com
Kast Media Contact:
VP of Content and Distribution, Kast Media
434.665.3907
harris@kastmedia.com
www.kastmedia.com
Source:
2023 GlobeNewswire, Inc., source