News - 25/11/2013

7digital in reverse takeover talks with UBC Media

7digital in reverse takeover talks with UBC Media

Digital music service 7digital announced today that it is negotiating a reverse takeover of UBC Media, a radio group based in the UK.

The talks are backed by a letter of intent where 7digital agreed to buy UBC. UBC in turn is providing a convertible loan to 7digital of around £1m.

This would essentially be a merger that allows 7digital to become a publicly listed company and give it a foothold in potentially interesting areas of expansion, radio being a prime example. The stock marketing listing according to The Telegraph newspaper could see the merged companies valued at £50 million.

UBC Media produces radio shows for a number of stations but through its Unique Interactive arm it also has a strong technology background, thus meshing well with 7digital's own tech-heavy operation.

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