Entertainment Daily owner to float on London market

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Entertainment Daily owner to float in London

Online publishing house Digitalbox is planning a stock market flotation on London’s Alternative Investment Market.

The owner of online celebrity news site Entertainment Daily plans to list with a value of £13m ahead of a planned acquisition spree, the Daily Telegraph reported

Listing will be via reverse takeover

Digitalbox Publishing aims to raise between £2m and £4m of funds to build a media business. The company plans to list on AIM via a reverse takeover of Polemos, which would be renamed Digitalbox.

"The board believes that this is the right time to consolidate the digital publishing market and has identified a pipeline of acquisition opportunities," according to filings lodged with the London stock Exchange. 

Entertainment Daily has 2.2 million unique users per month and has relied on mobile clicks to boost its revenues. 

The company has said that following its listing, expected on February 20th,  it aims to buy other sites and add them to its current technology offering.