Tue, 11 Feb 2020 | BUSINESS SALE
Podcast producer Audioboom has confirmed that it has put itself up for sale and that it has appointed financial advisers to seek potential buyers.
Based on its share price, Audioboom is valued at around £31 million and has annual sales of £17 million.
The company’s largest shareholder is luxury property developer Nick Candy, whose company Candy Ventures owns a 26 per cent stake.
Audioboom recently received a £3.1 million loan from its chairman Michael Tobin and Candy Ventures.
The New York bank Raine Advisers has been appointed to head a strategic review of the business and to seek out potential buyers.
Other options include strategic partnerships, financial investment and business combinations. Audioboom says it is yet to receive any approaches but will look to deliver maximum value for shareholders.
Audioboom has in excess of 90 million listeners per month for its podcasts, which include the Greatest Game with ex-Liverpool defender Jamie Carragher and Beyond the Grid, the official podcast of Formula 1.
Other notable podcasts it produces include programmes hosted by broadcaster Sue Perkins and former rugby player Lewis Moody.
Audioboom said: “There can be no certainty that this will result in an offer for the issued and to be issued share capital of the company or any form of transaction or other development for Audioboom, or the terms and timing of such matters.”
Audioboom Group Plc stocks rose 19 per cent to 256p following the announcement that the business was up for sale.
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