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Podcaster Audioboom Eyes Possible Merger

By  |  February 9, 2020

The AIM-listed podcasting group, Audioboom, has asked bankers to help it explore the possibility of a merger or sale.

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    The group, which is backed by property tycoon Nick Candy, has asked New York-based bank Raine to undertake a strategic review that could see the company taken over by a rival, according to Sky News.

    Raine’s appointment is expected to be confirmed as soon as next week. Audioboom has more than 13,000 “content channels,” with more than 60m listens every month. It includes podcasts from The Spectator magazine, the former rugby player Lewis Moody and broadcaster Sue Perkins.

    Among those who could be interested in bidding for Audioboom is digital music group Spotify, TalkSport owner News Corp, and Capital and Smooth radio owner Global, City sources told Sky News.

    Candy Ventures is another possible contender to take the company private, which was founded by Audioboom’s largest shareholder, Nick Candy. The company announced on Friday, February 7, it had secured a US$4 million joint-loan from Candy Ventures and Michael Tobin, the podcaster’s chairman.

    “Historically, the growth of Audioboom has been financed by the issue of equity with consequential dilution to the company’s shareholders, and the board believes that the expectation of potential equity issues has had a negative impact on the company’s share price,” the company said in a statement to the stock exchange.