Audioboom goes pop: $185m reverse takeover sees podcast firm rebranded as Triton Digital

Oliver Gill
Follow Oliver
Nicole 'Snooki' Polizzi Launches Snooki's Wild Cherry Soda At Rocket Fizz Soda Pop And Candy Shop
A second season of "It's Happening with Snooki & Joey" has recently been launched by Audioboom (Source: Getty)

Audioboom today announced a $185m (£134m) reverse takeover deal with one of the world's largest digital audio technology firms.

Shares in Audioboom were suspended as it was revealed Canada's Triton Digital, which works with audio publishers including Spotify and ESPN radio, will take control.

Once completed, the firm will be renamed Triton Digital Group plc.

The takeover will be structured by the new firm placing £155m of shares.

Neal Schore and Mark Rosenbaum, Triton's president and chief executive respectively will move over to lead Audioboom. Schore will be president and chief executive and Rosenbaum will become executive vice president and chief financial officer.

Current Audioboom chief executive Robert Proctor will remain on the new company's board as an executive director.

Read more: Boom-time: Podcast firm Audioboom triples revenue year-on-year

Audioboom also revealed today trading was well ahead of management expectations. Advertising impressions totalled 422m in in December and January, a sizeable jumped from the 304m registered in December, January and February in 2016/17.

The takeover will see property tycoon Nick Candy needing to stump up more cash if he is to maintain is near-16 per cent stake in Audioboom. Prior to its shares being suspended, Audioboom's market capitalisation was around £35m. This means if Candy does not participate in the share placing his ownership of the company will be significantly reduced.

Read more: Audioboom has cranked up the volume by partnering up with Deezer

Related articles