LiveXLive Expands into Podcasting with Acquisition of PodcastOne

In a significant move to diversify its business, music livestreamer LiveXLive has announced the acquisition of PodcastOne, a leading podcast network that hosts shows by popular personalities such as Adam Carolla, 'Stone Cold' Steve Austin, Shaquille O'Neal, and others. The all-stock deal is valued at approximately $18 million.

As part of the agreement, Norman Pattiz, co-founder of PodcastOne, will join LiveXLive as chairman of its podcast subsidiary. PodcastOne was founded in 2013 by Pattiz, who previously founded radio network Westwood One. The company has built a reputation for producing high-quality podcasts, with over 350 ad-supported episodes per week and more than 2 billion annual downloads.

Under the terms of the deal, LiveXLive will acquire Courtside Group, owner and operator of PodcastOne, in exchange for stock worth $18.1 million based on LiveXLive's closing share price on May 7. The proposed acquisition is expected to close by June 2020, subject to certain closing conditions.

The acquisition marks a significant expansion for LiveXLive into the fast-growing podcast category, complementing its existing music streaming platform, live event performances, and on-demand video offerings. According to Rob Ellin, chairman and CEO of LiveXLive, 'We're excited to bring our expertise in live events and music to the rapidly growing world of podcasts.'

The combined company will have a total headcount of over 120 full-time employees, with the two L.A.-based companies consolidating their teams. The acquisition is expected to strengthen LiveXLive's position in the entertainment industry and provide new opportunities for growth.

For PodcastOne, this deal marks a major milestone in its history, as it continues to grow its roster of popular shows and expand its reach to listeners worldwide. With this acquisition, LiveXLive has demonstrated its commitment to innovation and expansion into new markets, solidifying its position as a leading player in the entertainment industry.

The article highlights the significant move by LiveXLive to diversify its business and expand into the growing podcasting market. The acquisition of PodcastOne will bring together two L.A.-based companies with complementary strengths, creating a powerful platform for growth and innovation in the entertainment industry.

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