The potential sale of PodcastOne is moving forward, a month after parent LiveOne said it’s working with bankers to explore a potential consolidation of PodcastOne back into LiveOne amid a broader strategic review in which potential spin-offs were also being considered. The company says it has received “inbound interest” from “multiple strategic parties” regarding a potential acquisition of Podcast One. It remains in discussions with each of them, and now a special board committee has been formed to oversee the process. LiveOne says it intends to retain an investment banker to help the committee evaluate the offers, as well as consider other alternatives with the end goal of maximizing shareholder value.
“The level of strategic interest we are seeing supports the board’s long-held view that the market has not valued our platform for what it has achieved,” says Robert Ellin, Executive Chairman of PodcastOne. “We intend to run a rigorous, competitive process on behalf of all shareholders.”
The board has formed a special committee of independent directors to oversee the process. PodcastOne also expects to select a financial advisor shortly to help the committee evaluate the offers, as ...