By Todd Spangler NY Digital Editor 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.
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.
The proposed acquisition is expected to close by June 2020, subject to certain closing conditions. PodcastOne produces more than 350 ad-supported podcast episodes per week
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