Digitalbox PLC Acquisition of Assets from TVGuide.co.uk Limited (9808P)
October 13 2023 - 1:00AM
UK Regulatory
TIDMDBOX
RNS Number : 9808P
Digitalbox PLC
13 October 2023
13 October 2023
Digitalbox plc
("Digitalbox" or the "Company")
Completion of Acquisition of Assets from TVGuide.co.uk
Limited
Digitalbox plc (AIM: DBOX), the mobile-first digital media
business, which owns Entertainment Daily, The Daily Mash, The Tab,
and The Poke is pleased to announce that, further to its
announcement on 30 May 2022, it has completed the acquisition of
the web and mobile platform assets of TVGuide.co.uk Limited
("TVguide.co.uk") alongside the Amazon Alexa TV Guide skill
("Acquisition") for a total cash consideration of GBP470,000
("Consideration").
The total Consideration is 15% less than previously announced.
Following the GBP20,000 consideration paid at exchange the
remaining consideration will be via a payment of GBP270,000 on
completion and a deferred payment of GBP180,000 after four months.
The Consideration is being funded through Digitalbox's cash
reserves which stood at c.GBP2.3m at 30 June 2023.
Launched in 2002, TVguide.co.uk is an established dedicated
interactive UK TV listings brand. It provides more than one million
monthly users with detailed episode guides, video previews,
ratings, and recommendations of everything worth watching on more
than 300 channels. The App service reflects the same content, and
the Alexa skill service provides a voice variant. Digitalbox
already has a significant reach among UK TV viewers through its TV
and celebrity news brand Entertainment Daily and will gain
synergies from this complementary relationship.
Digitalbox will integrate TVguide.co.uk onto its Graphene
technology platform, which it has successfully deployed on The
Daily Mash, The Tab, and The Poke as part of their respective
acquisitions and integrations. Within the context of today's
market, the Company anticipates there should be a two-year
repayment period at contribution level.
The Acquisition is being undertaken via Digitalbox Publishing
Limited, which is wholly owned by the Company.
TVGuide.co.uk financials
According to TVguide.co.uk's unaudited management accounts for
the financial year ended 31 December 2022 revenue and operating
profit attributable to the TVGuide.co.uk assets were approximately
GBP0.3 million and GBP0.1 million, respectively. No liabilities
will be transferred to the Company under this Acquisition.
James Carter, CEO, Digitalbox, said: "The acquisition of
TVGuide.co.uk is another excellent addition to our growing
portfolio of digital assets. It is an exciting business with
considerable potential and an established brand. Following the
acquisitions of The Daily Mash, The Tab and The Poke, we have an
established process of integrating assets onto our Graphene
platform, and we are confident we can quickly grow the site's
revenue and increase its profitability."
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. The person
responsible for arranging for the release of this announcement on
behalf of the Company is James Carter, CEO.
END
Enquiries:
Digitalbox c/o SEC Newgate
James Carter, CEO
Panmure Gordon (Financial Adviser, Nominated Tel: 020 7886 2500
Adviser & Joint Broker )
James Sinclair-Ford / Ivo Macdonald
Rupert Dearden
Leander Capital Partners (Joint Broker) Tel: 07786150915
Alex Davies
SEC Newgate (Financial PR) Tel: 07540 106 366
Robin Tozer / Molly Gretton digitalbox@secnewgate.co.uk
About Digitalbox plc
Based in the UK, Digitalbox is a 'pure-play' digital media
business with the aim of profitable publishing at scale on mobile
platforms.
Digitalbox operates the trading brands of "Entertainment Daily",
"The Daily Mash", "The Tab", and "The Poke".
Entertainment Daily produces and publishes online UK
entertainment news covering TV, showbiz and celebrity news. The
Daily Mash produces and publishes satirical news content. The Tab
is the UK's biggest youth culture site fuelled by students. The
Poke expertly curates and editorialises the funniest content from
around the web and social media.
Digitalbox primarily generates revenue from the sale of
advertising in and around the content it publishes. The Company's
optimisation for mobile enables it to achieve revenues per session
significantly ahead of market norms for publishers on mobile.
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END
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