13th Oct 2023 11:43
(Alliance News) - Digitalbox PLC shares were up on Friday, after it said it has completed the acquisition of the web and mobile platform assets of TVGuide.co.uk Ltd, alongside the Amazon Alexa TV Guide skill, for GBP470,000.
Digitalbox is a Bath-based digital media and owner of brands such as Daily Mash, The Poke and The Tab. Its shares were up 4.6% to 3.40 pence each in London on Friday morning.
Back in May 2022, Digitalbox said it had bought the web and mobile platform assets of TVGuide.co.uk, in a GBP550,000 deal.
"Launched in 2002, TVguide.co.uk is an established dedicated interactive UK TV listings brand. It provides more than one million monthly users with detailed episode guides, video previews, ratings, and recommendations of everything worth watching on more than 300 channels," Digitalbox noted.
The consideration Digitalbox said it paid on Friday was 15% less than the amount previously announced at GBP470,000.
Following the GBP20,000 consideration paid at exchange, the remaining consideration will be via a payment of GBP270,000 on completion. Finally, Digitalbox will make a deferred payment of GBP180,000 after four months.
The acquisition will be funded from the company's existing cash resources, which at June 30 were approximately GBP2.3 million.
Chief Executive James Carter said: "The acquisition of TVGuide.co.uk is another excellent addition to our growing portfolio of digital assets. It is an exciting business with considerable potential and an established brand. Following the acquisitions of The Daily Mash, The Tab and The Poke, we have an established process of integrating assets onto our Graphene platform, and we are confident we can quickly grow the site's revenue and increase its profitability."
By Sophie Rose, Alliance News reporter
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