Beverly Hills live music listening platform LiveXLive Media has agreed to acquire Slacker Radio for $50-million.
The maneuver comes immediately after appointing Andy Schuon as company president; the acquisition is Schuon’s first action. He had been on LiveXLive’s advisory board.
Andy Schuon was the co-founder of Revolt Media & TV, and has served on the boards and advisory groups of many media companies including Conde Nast, IMG, XM Radio, Premiere Radio Networks, and Hard Rock Hotel Las Vegas.
“Andy joins us at a perfect time to lead this latest acquisition of Slacker Radio and direct the company overall,” said Robert Ellin, CEO and chairman of LiveXLive Media. “Andy is an industry visionary with significant experience and deep knowledge of the media and entertainment landscape.”
The synergy plan is for Slacker and LiveXLive to jointly develop audio and video extensions across mobile, smart TV, and in-car platforms. Slacker’s technology team is said to be an important ingredient in the deal.
“I walked into a radio station at 16, and it became who I am, not what I do,” said Andy Schuon. “To continue to have the opportunity to shape the future of music streaming services and streaming radio with a leading platform like Slacker Radio is incredibly exciting.”
“Slacker Radio and LiveXLive share a mutual commitment to drive the digital music industry forward by leveraging cutting-edge technologies to create fan-first content and programming. Our mutual philosophy makes this acquisition a natural fit. We are excited to be joining forces with LiveXLive to extend the capabilities of Slacker to create a broader set of consumer experiences and leverage the reach and resources of LiveXLive to accelerate growth in the business,” said Duncan Orrell-Jones, CEO of Slacker Radio.
The $50-million price tag is composed of cash and stock. The acquisition is subject to the completion by LiveXLive Media of its planned underwritten public offering