Audioboom Group PLC is working with advisers to explore terms of a potential takeover of the company, Sky News reported Friday.
New York City-based Fox Corp and San Antonio, Texas-based iHeartMedia could be potential bidders for the London-based podcast producer of Formula One motor racing’s official podcast, according to media analysts.
Meanwhile, London-based merchant bank J Goodwin & Co is reportedly overseeing talks with prospective buyers.
On Thursday, Audioboom had reported the completed integration of UK-focused podcast network Adelicious Ltd ahead of its 60-day goal.
On July 16, Audioboom said it inked a binding agreement to acquire Adelicious for up to £10.0 million on a cash free, debt-free basis. This comprised a £4.5 million initial consideration, an up to £3.0 million revenue performance linked deferred consideration and an up to £2.5 million contingent consideration ‘subject to revenue performance of the SMA contract.’ SMA stands for ‘Shagged. Married. Annoyed.’, a podcast.
Audioboom shares jumped 16% to 623.88 pence each on Friday afternoon in London, giving it a market capitalisation of £111.7 million.
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