LSYN - Liberated Syndication buys AdvertiseCast; raise $25M in new equity

Liberated Syndication (LSYN) inks an agreement to acquire AdvertiseCast, LLC, one of the largest independent and fastest-growing podcast advertising companies.The acquisition will position Libsyn to be the leading platform for both podcast hosting and monetization.AdvertiseCast generated revenue of ~$12M (+45% Y/Y) in 2020.As per the terms, Libsyn will acquire all of the issued and outstanding membership interests of AdvertiseCast for up to $30M ($18M in cash, $10M by issuing Libsyn shares, and $2M in earn-out).Co-Founders of AdvertiseCast, Trevr Smithlin and Dave Hanley, will remain with the company and enter into employment agreements.Also, Libsyn received funding commitments of $25M through a privately placed equity transaction in Libsyn.Net proceeds will be used to fund the AdvertiseCast acquisition and provide Libsyn with additional capital for other strategic investments.

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Liberated Syndication buys AdvertiseCast; raise $25M in new equity