Newly acquired Digitalbox buys Daily Mash for £1.2m
Polemos, the shell company which recently bought Digitalbox Publishing for £10m, in a reverse takeover, has now bought London satirical news site, The Daily Mash, for £1.2m.
In a statement released today, Polemos confirmed both acquisitions and said the firm would change its name to trade as Digitalbox PLC, once the acquisitions are completed.
Polemos is issuing 72.7 million new shares to Digitalbox as consideration. For Mashed Productions, it is issuing 1.4 million new shares to the seller and up to £1 million in cash.
The company, which is listed on the London Stock Exchange’s Alternative Investment Market (AIM), for smaller companies, said will place 7.3 million new shares at a price of 14 pence each to raise the funding.
"I am pleased to be able to announce the acquisitions which, subject to shareholder approval, will result in the successful conclusion of the process announced in September, and will enable shareholders to benefit from the exciting potential of the Digitalbox platform and management team”, said the company’s chairman, Nigel Burton.
Digitalbox is a digital media firm which produces and publishes online entertainment news, generating revenue from the sale of advertising.
For 2017 it produced gross profit of £1.3 million on revenue of £2.3 million, compared to £126,000 and £1.9 million respectively in 2016.
Polemos shares have been suspended since September pending an acquisition.
Mashed Productions owns the Daily Mash satirical online news site, likewise earning revenue from advertising on its website.