Function(x) to Acquire BumpClick
March 08 2017 - 7:30AM
Business Wire
A network of websites and social assets with
over 60 million+ followers
FUNCTION(X), INC. (NASDAQ:FNCX), a leading social
publishing and interactive media platform, today announced the
signing of a binding term sheet to acquire all equity interests in
BumpClick LLC (“BumpClick” or the “Company”).
BumpClick is a media company that uses technology and industry
relationships to maximize distribution and revenue from its network
of websites and social assets that total more than 60M social
followers.
Last week BumpClick finalized the acquisition of all ViralNova
assets, including the flagship property www.viralnova.com. Sean
Beckner, the Founder and CEO of BumpClick, was the CEO and
controlling member of ViralNova, LLC prior to selling the company
to Zealot Networks in 2015. Also included in the sale is the
proprietary CMS and analytics and reporting software called “Nova”
along with all social assets. BumpClick is moving quickly to
optimize and grow this asset, with work already underway.
“The ViralNova transaction rounds out a very strong stable of
technology, social assets and websites that are both established
and up and coming,” said Beckner.
Beckner will assume a senior management position applying his
skills to the existing FNCX properties, when BumpClick is acquired
by FNCX.
“We are excited to acquire a rapidly growing digital platform,
especially one run by an experienced industry professional,” said
Robert FX Sillerman, Executive Chairman and CEO of Function(x). “We
believe that the synergies between our two companies are
substantial, and when combined with Sean’s expertise and
experience, this acquisition will be instantly accretive to our
business. As indicated in the recently completed public offering
registration statement, strategic acquisitions such as BumpClick
are an integral part of our strategy. We are thrilled to have come
to agreement.”
“The team and I are very excited to join forces with Bob and his
team at Function(x),” said Beckner. “Bob’s many successes and deep
understanding of how to build and scale large enterprises is a big
reason for our excitement around this deal. The digital media
landscape is filled with opportunities to achieve significant scale
by growing both organically and through acquisition of leading
digital properties and assets. We believe we bring a strong track
record for how to do this profitably and at scale.”
For complete details on the proposed transaction, please review
the 8-K filed simultaneously with this release.
About Function(x)
Function(x) operates Wetpaint.com and Rant. Wetpaint is the
leading online destination for entertainment news for millennial
women, covering the latest in television, music, and pop culture.
Rant is a leading digital publisher with original content in
multiple different verticals, most notably in sports,
entertainment, and pets. Function(x), Inc. is also the largest
shareholder of DraftDay Gaming Group, which is well-positioned to
become a significant participant in the expanding fantasy sports
market, offering a high-quality daily fantasy sports experience
both directly to consumers and to businesses desiring turnkey
solutions to new revenue streams. Function(x), Inc. also owns
Choose Digital, a digital marketplace platform that allows
companies to incorporate digital content into existing rewards and
loyalty programs in support of marketing and sales initiatives. For
more information, visit www.functionxinc.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated. All
information provided in this press release is as of the date of
this release. Except as required by law, Function(x), Inc.
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170308005669/en/
For Function(x):Investors:Michelle Lanken, 212-231-0092Chief
Financial Officermlanken@functionxinc.comorMedia Relations:IRTH
CommunicationsRobert Haag, 866-976-4784Managing Partner