LONDON, UK: Digitalbox plc, which owns Entertainment Daily, The Daily Mash, The Tab, and The Poke, it has completed the acquisition of the web and mobile platform assets of TVGuide.co.uk Limited alongside the Amazon Alexa TV Guide skill for a total cash consideration of £470,000.
The total Consideration is 15% less than previously announced. Following the £20,000 consideration paid at exchange the remaining consideration will be via a payment of £270,000 on completion and a deferred payment of £180,000 after four months. The Consideration is being funded through Digitalbox’s cash reserves which stood at c.£2.3m at 30 June 2023.
Launched in 2002, TVguide.co.uk is an established dedicated interactive UK TV listings brand. It provides more than one million monthly users with detailed episode guides, video previews, ratings, and recommendations of everything worth watching on more than 300 channels. The App service reflects the same content, and the Alexa skill service provides a voice variant. Digitalbox already has a significant reach among UK TV viewers through its TV and celebrity news brand Entertainment Daily and will gain synergies from this complementary relationship.
Digitalbox will integrate TVguide.co.uk onto its Graphene technology platform, which it has successfully deployed on The Daily Mash, The Tab, and The Poke as part of their respective acquisitions and integrations. Within the context of today’s market, the Company anticipates there should be a two-year repayment period at contribution level.
The acquisition is being undertaken via Digitalbox Publishing Limited, which is wholly owned by the Company.
According to TVguide.co.uk’s unaudited management accounts for the financial year ended 31 December 2022 revenue and operating profit attributable to the TVGuide.co.uk assets were approximately £0.3 million and £0.1 million, respectively. No liabilities will be transferred to the Company under this Acquisition.
James Carter, CEO, Digitalbox, said: “The acquisition of TVGuide.co.uk is another excellent addition to our growing portfolio of digital assets. It is an exciting business with considerable potential and an established brand. Following the acquisitions of The Daily Mash, The Tab and The Poke, we have an established process of integrating assets onto our Graphene platform, and we are confident we can quickly grow the site’s revenue and increase its profitability.”
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) (“MAR”) prior to its release as part of this announcement and is disclosed in accordance with the Company’s obligations under Article 17 of MAR. The person responsible for arranging for the release of this announcement on behalf of the Company is James Carter, CEO.
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