PRESS: Audioboom considers potential sale of entire company — Sky

(Alliance News) - Audioboom Group PLC is working with advisers to explore terms of a potential takeover of the company, Sky News reported Friday.

New York City-based Fox Corp and San Antonio, Texas-based iHeartMedia could be potential bidders for the London-based podcast producer of Formula One motor racing's official podcast, according to media analysts.

Meanwhile, London-based merchant bank J Goodwin & Co is reportedly overseeing talks with prospective buyers.

On Thursday, Audioboom had reported the completed integration of UK-focused podcast network Adelicious Ltd ahead of its 60-day goal.

On July 16, Audioboom said it inked a binding agreement to acquire Adelicious for up to GBP10.0 million on a cash free, debt-free basis. This comprised a GBP4.5 million initial consideration, an up to GBP3.0 million revenue performance linked deferred consideration and an up to GBP2.5 million contingent consideration "subject to revenue performance of the SMA contract." SMA stands for "Shagged. Married. Annoyed.", a podcast.

Audioboom shares jumped 16% to 623.88 pence each on Friday afternoon in London, giving it a market capitalisation of GBP111.7 million.

By Tom Budszus, Alliance News slot editor

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