14th Mar 2025 12:24
(Alliance News) - DigitalBox PLC on Friday said it has bought assets from Media Chain Group Ltd for a total consideration of GBP200,000.
The Bath, England-based digital media company and owner of brands such as The Daily Mash, The Tab and TV Guide said it has bought the digital assets of The Life Network from Media Chain.
DigitalBox said the deal allows it to reach The Life Network's 5.6 million Facebook followers and 357,000 Instagram followers.
It said the assets made losses of GBP400 in 2024 after activity was paused on them in the middle of the year.
DigitaBox said the deal will add 6 million followers to the 21 million followers on platforms it currently owns.
It said the consideration will be paid from its existing cash resources, which were GBP2.1m on December 31.
The firm expects the acquisition to be earnings enhancing.
Shares in DigitalBox were flat at 4.30 pence in London at midday on Friday.
Chief Executive Officer James Carter said: "The opportunity to acquire some of the Media Chain Group assets is an excellent way for us to extend the audiences currently being served by the Digitalbox brands.
"With The Life Network containing a significant female US audience footprint, we believe there are plenty of synergies to build around our new site, Royal Insider, which is already presenting traction in this market. The management team will get to work straight away on proving this case before completion."
In January, DigitalBox said it concluded its strategic review which it began in October, including investigating a possible sale of the company.
The firm concluded that the sale of the company was not in the best interests of all shareholders at the time and it would "continue to focus on maximising value through the expansion of its current model".
It expects 2024 revenue of GBP3.6 million, compared to GBP2.8 million in 2023.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Digitalbox