Find Radio Online

Site of the Day

audioBoom Merger with Triton Digital is a Bust

audioboom Triton
audioboom Triton
The merger combining Triton Digital and UK-based podcast network and technology provider audioBoom will not take place, according to a regulatory filing by audioBoom. The $185 million deal, announced in February, was set to close by the end of April. However, completion of the transaction was contingent on a fundraising effort by audioBoom, which fell short. Now audioBoom will have to pay Triton Digital a "break fee" of 700,000 British pounds or about $944,500 U.S.

audioBoom raised one-million GBP last month via convertible loan notes, but according to the filing, "further equity funding will be required as soon as possible. The proceeds from the convertible loan notes will only provide the company with sufficient working capital for a further period of up to four weeks from today's date." Additionally, the filing indicated that audioBoom's financial position is "uncertain" and that it might need to "take appropriate cash management measures" to lengthen its timeline.

The deal, characterized as a "reverse takeover," had audioboom acquiring all the stock of Triton parent Triton Digital Canada. Triton Digital was to combine with AudioBoom's corporate structure which is traded on the London Stock Exchange. Triton executive team would have run the company, with audioBoom CEO Rob Proctor continuing to manage his podcast platform. The new entity would had been called Triton Digital Group.

Quick Snaps
WHBC-FM/Canton: WHBC-AM (News/Talk 1480) and WHBC-FM (Mix 94.1)/Canton, OH, along with AultCare raised $213,946 for Wishes Can Happen and AultCare. The stations joined forces once again to broadcast live August 9-10 for 36 hours in the parking lot at Springbrook Plaza, Whipple Avenue NW, Canton.