UBC Confirms 7 Digital Acquisition, $57 Million In New AudioBoo Financing
UK based UBC Media has confirmed a deal to acquire digital music services provider 7 Digital. The deal is a reverse takeover that, if consummated, would give privately held 7 Digital a listing on the stock exchange, and create a combined company that includes digital music delivery along with audio content production and services.
"Both UBC and 7digital believe that the growth of digital music services is increasingly linked to the growth of listening to radio online and on mobile, creating a need for hybrid services which incorporate both radio listening, curated playlists and on demand music," UBC said in a statement.
Audioboo Financing
UBC also announced a deal with One Delta plc to acquire audio capture and sharing platform Audioboo in an all share transaction which would leave UBC with a significant stake in the enlarged group. One Delta announced today that it has raised $57.85 million through the issue of new shares. UBC currently holds 39% of the ordinary share capital of Audioboo. If the transaction is completed UBC would hold just under 20% of One Delta.
Simon Cole, Chief Executive of UBC commented: "Our aim is to create a new public company via 7digital which will be perfectly placed to exploit the rapidly developing market for online and mobile music services. The evidence is that the growth in this market will be in curated services which consolidate music and radio in one place and our new company will be perfectly placed here. Our strategic investment in Audioboo compliments this well."
