“We’re excited to expand our business into the fast-growing podcast category, complementing our music platform of streaming audio, on-demand video and live event performances,” Rob Ellin, chairman and CEO of LiveXLive, said in announcing the deal. The two L.A.-based companies will consolidate their teams to bring total combined headcount to over 120 full-time employees. Drew Pinsky, Heather and Terry Dubrow, Chael Sonnen, Kaitlyn Bristowe, LadyGang, Mike Tyson, Rich Eisen, Spencer and Heidi Pratt, Autumn Calabrese, Demi Burnett, and Gals on the Go.Īccording to the companies, PodcastOne recorded gross revenue of $27.5 million in 2019. Shows in its lineup include those from Adam Carolla, Shaquille O’Neal, A&E’s “Cold Case Files,” Steve Austin, Tip “T.I.” Harris, Dr. PodcastOne produces more than 350 ad-supported podcast episodes per week and generates over 2 billion downloads on an annual basis.
The proposed acquisition is expected to close by June 2020, subject to certain closing conditions.
Under the deal, LiveXLive - which to date has been a money-losing venture and last month received relief funding under the U.S.’s CARES Act - is acquiring Courtside Group, owner and operator of PodcastOne, in stock worth $18.1 million based on LiveXLive’s closing share price on May 7. Music livestreamer LiveXLive is diversifying its business with the acquisition of PodcastOne, a podcast network that hosts shows by Adam Carolla, “Stone Cold” Steve Austin, Shaquille O’Neal and others, in an all-stock deal valued at about $18 million.
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