LiveXLive Media To Acquire Gramophone Media For Undisclosed Terms - Quick Facts

(RTTNews) - LiveXLive Media, Inc. (LIVX) announced Friday that it has entered into a binding Letter of Intent (LOI) to acquire Gramophone Media, Inc., an artist and brand development company. The financial terms of the deal were not disclosed.

Gramophone Media comprises boutique agencies specializing in PR, music and technology, A&R, strategic marketing, brand positioning, graphic design, and social media management, including Mavrick Artist Agency.

The proposed acquisition is expected to close prior to the end of June 2021, subject to customary and other closing conditions.

The acquisition is expected to be immediately accretive to earnings and add a new component to the Company's flywheel of complementary businesses.

The deal complements LiveXLive's online digital talent search platform, Self Made. The acquisition will add to LiveXLive's flywheel business model - listen, watch, attend, engage and transact - by providing artists an end-to-end solution to develop and amplify their brand to audiences across LiveXLive's apps and social media platforms.

As part of the acquisition, Gramophone Media's team, including President, Founder and sole shareholder, Eshy Gazit, will remain with Gramophone Media after the closing of the deal, as well as Patrick Ermlich Co-founder and CMO. Gramophone Media will operate as a wholly owned subsidiary of LiveXLive.