LSYN - Libsyn to acquire AdvertiseCast for $30M; to raise $25M in PIPE

Liberated Syndication or Libsyn (LSYN) entered into a definitive agreement to acquire AdvertiseCast, one of the largest independent and fastest-growing podcast advertising companies, thereby accelerating revenue opportunities for podcast creators and provide advertisers with significant new inventory.Under agreement terms, Libsyn will acquire all of the issued and outstanding membership interests of AdvertiseCast in consideration for $30M ($18M cash, $10M newly issued Libsyn shares, and $2M earn-out).The acquisition will position Libsyn to be the leading platform for both podcast hosting and monetization.In 2020, AdvertiseCast revenue surged 45% Y/Y to ~$12M; it has scaled profitably with no outside investment.Separately, Libsyn announced that it has received funding commitments of $25M through a privately placed equity transaction in Libsyn.Proceeds of the PIPE will be used primarily to fund the AdvertiseCast acquisition and to provide Libsyn with additional capital for other strategic acquisitions.Closing of the financing is expected to be along with the acquisition closing in

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Libsyn to acquire AdvertiseCast for $30M; to raise $25M in PIPE