REG - Digitalbox PLC - Acquisition of Assets from TVGuide.co.uk Limited

DigitalboxAnnouncement

13/10/2023 07:00

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RNS Number : 9808P  Digitalbox PLC  13 October 2023

13 October 2023

Digitalbox plc

("Digitalbox" or the "Company")

Completion of Acquisition of Assets from TVGuide.co.uk Limited

Digitalbox plc (AIM: DBOX), the mobile-first digital media business, which
owns Entertainment Daily, The Daily Mash, The Tab, and The Poke is pleased to
announce that, further to its announcement on 30 May 2022, it has completed
the acquisition of the web and mobile platform assets of TVGuide.co.uk Limited
("TVguide.co.uk") alongside the Amazon Alexa TV Guide skill ("Acquisition")
for a total cash consideration of £470,000 ("Consideration").

 

The total Consideration is 15% less than previously announced. Following the
£20,000 consideration paid at exchange the remaining consideration will be
via a payment of £270,000 on completion and a deferred payment of £180,000
after four months. The Consideration is being funded through Digitalbox's cash
reserves which stood at c.£2.3m at 30 June 2023.

 

Launched in 2002, TVguide.co.uk (http://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. The
App service reflects the same content, and the Alexa skill service provides a
voice variant. Digitalbox already has a significant reach among UK TV viewers
through its TV and celebrity news brand Entertainment Daily and will gain
synergies from this complementary relationship.

Digitalbox will integrate TVguide.co.uk onto its Graphene technology platform,
which it has successfully deployed on The Daily Mash, The Tab, and The Poke as
part of their respective acquisitions and integrations. Within the context of
today's market, the Company anticipates there should be a two-year repayment
period at contribution level.

 

The Acquisition is being undertaken via Digitalbox Publishing Limited, which
is wholly owned by the Company.

 

TVGuide.co.uk financials

According to TVguide.co.uk's unaudited management accounts for the financial
year ended 31 December 2022 revenue and operating profit attributable to the
TVGuide.co.uk assets were approximately £0.3 million and £0.1 million,
respectively. No liabilities will be transferred to the Company under this
Acquisition.

 

James Carter, CEO, Digitalbox, 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."

 

Certain information contained in this announcement would have constituted
inside information (as defined by Article 7 of Regulation (EU) No 596/2014)
("MAR") prior to its release as part of this announcement and is disclosed in
accordance with the Company's obligations under Article 17 of MAR. The person
responsible for arranging for the release of this announcement on behalf of
the Company is James Carter, CEO.

 

END

Enquiries:

 

 Digitalbox                                                                  c/o SEC Newgate
 James Carter, CEO
 Panmure Gordon (Financial Adviser, Nominated Adviser & Joint Broker )       Tel: 020 7886 2500
 James Sinclair-Ford / Ivo Macdonald
 Rupert Dearden
 Leander Capital Partners (Joint Broker)                                     Tel:  07786150915
  Alex Davies
 SEC Newgate (Financial PR)                                                  Tel: 07540 106 366
 Robin Tozer / Molly Gretton                                                 digitalbox@secnewgate.co.uk (mailto:digitalbox@secnewgate.co.uk)

 

About Digitalbox plc

 

Based in the UK, Digitalbox is a 'pure-play' digital media business with the
aim of profitable publishing at scale on mobile platforms.

 

Digitalbox operates the trading brands of "Entertainment Daily", "The Daily
Mash", "The Tab", and "The Poke".

 

Entertainment Daily produces and publishes online UK entertainment news
covering TV, showbiz and celebrity news. The Daily Mash produces and publishes
satirical news content. The Tab is the UK's biggest youth culture site
fuelled by students.  The Poke expertly curates and editorialises the
funniest content from around the web and social media.

 

Digitalbox primarily generates revenue from the sale of advertising in and
around the content it publishes. The Company's optimisation for mobile enables
it to achieve revenues per session significantly ahead of market norms for
publishers on mobile.

 

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