Shares surge as Audioboom confirms sale plans
Shares have soared in podcasting platform Audioboom after it confirmed that it was up for sale.
The AIM-listed firm said that New York-based Raine Advisors was advising the company to help them “deliver maximum value for its shareholders”.
It added: “Raine will provide advice and assistance to the Company in relation to a range of corporate options including, inter alia, strategic partnerships, financial investment, business combinations and potentially the sale of the Company.”
Backed by property tycoon Nick Candy, Audioboom has more than 13,000 'content channels', which are listened to more than 60 million times a month.
The platform includes podcasts from The Spectator magazine, former rugby player Lewis Moody and broadcaster Sue Perkins. It grew revenue by 91% to $22.2m for the 12 months to December 31st 2019.
On Friday, it said it had secured a $4m loan from SPV Investments, a vehicle owned jointly by Candy Ventures and Michael Tobin, the firm's chairman.
Audioboom will now go into an “offer period”. No offers have yet been released by the firm. Shares were up 14.5% to 254.50.