Pandora rival Slacker Radio has been sold to video streaming company LiveXMedia for $50m.
US-based Live XMedia’s divisions include live music lifestyle video service LiveXLive, as well as Wantickets and ‘social media influencer’ business LiveXLive Influencers.
The news comes five months after Slacker Radio was forced to lay off 25% of its global staff in a bid to ‘focus on efficiency’.
Since it launched in 2015, LiveXLive Media has hosted music video content from festivals such as Rock in Rio, Outside Lands Music and Arts Festival and Hangout Music Festival, as well as original content, artist exclusives and industry interviews.
San Diego-based Slacker Radio offers both free and subscription-based access to licensed songs from the three major music companies and various independents.
In addition, it offers programmed stations, including news, sports and talk from ABC News, ESPN and others.
“Slacker Radio and LiveXLive share a mutual commitment to drive the digital music industry forward by leveraging cutting-edge technologies to create fan-first content and programming.”
Andy Schuon, LiveXMedia
LiveXLive Media said the acquisition would help it ‘deliver world-class entertainment, information, and music content’.
Under terms of the merger agreement, LiveXLive Media will acquire Slacker through a merger of LiveXLive Media’s wholly owned subsidiary LXL Music Acquisition Corp, and following the merger, Slacker will continue as a wholly owned subsidiary of LiveXLive Media.
The aggregate purchase price of $50m, consisting of cash and stock, is subject to adjustments.
Duncan Orrell-Jones, CEO of Slacker Radio, said: “We are excited to be joining forces with LiveXLive to extend the capabilities of Slacker to create a broader set of consumer experiences and leverage the reach and resources of LiveXLive to accelerate growth in the business.”Music Business Worldwide