Beverly Hills-based PodcastOne to be spun out as public company

Los Angeles-based live streaming company LiveOne announced Friday that it would spin off its PodcastOne podcasting division into a separate public company.

Executives said the public offering would increase shareholder value and raise money to fund other podcast acquisitions.

LiveOne acquired PodcastOne in 2020 when it was valued at $18.1 million. PodcastOne is now valued at $60 million, the company said Friday.

Based in Beverly Hills, the company has 42 employees and distributes more than 350 weekly episodes, including podcasts featuring radio personality Adam Carolla and Kaitlyn Bristowe, who starred on The Bachelorette.

“PodcastOne has been a tremendous addition to LiveOne since our acquisition in 2020, and we firmly believe that the market value of our stock dramatically undervalues ​​the sum of our parts, which includes our PodcastOne subsidiary,” said Robert Ellin, Chief LiveOne executive, in a statement.

The announcement comes amid a growing consolidation in the industry as companies with streaming and radio roots bought independent podcast outlets like Gimlet and the Ringer (acquired by Spotify) and Wondery (acquired by Amazon Music).

“We believe that by trading as a separate public company, PodcastOne will have an opportunity to access the public capital markets and be better positioned to both acquire podcast platforms and attract significant podcast talent,” said PocastOne- President Kit Gray in the statement.

PodcastOne said it has more than 2.1 billion downloads a year and is expected to generate more than $9 million in revenue for the quarter ended June 30.

The spin-off is expected to take place before the end of the year.

LiveOne was trading at $1.29 on the Nasdaq on Friday, up about 7%.

https://www.latimes.com/entertainment-arts/business/story/2022-07-15/lat-et-ct-podcastone-liveone Beverly Hills-based PodcastOne to be spun out as public company

Sarah Ridley

USTimesPost.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimespost.com. The content will be deleted within 24 hours.

Related Articles

Back to top button