Update: LiveOne’s PodcastOne (PODC) Signs Long Term Extension With Co-Founder and President Kit Gray
LOS ANGELES, CA, Sept. 05, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today that its subsidiary, PodcastOne (PODC), has secured a long contract extension with its Co-Founder and President, Kit Gray.
“We are thrilled to continue our partnership with Kit Gray,” said Robert Ellin, CEO and Chairman of LiveOne. “His visionary leadership has been instrumental in building PodcastOne into the success it is today.”
“I’m honored to renew my commitment to PodcastOne as President, and I’m excited about the journey ahead,” said Kit Gray, President of PodcastOne. “We have achieved incredible success, and I look forward to continuing our trailblazing work in the podcasting industry, driving growth, and delivering exceptional content to our listeners worldwide.”
About Kit Gray
Gray is a 20-year veteran of the radio industry. In 2012, Mr. Gray co-founded PodcastOne with Norm Pattiz. As president, he pioneered the industry with Adam Carolla, Shaquille O’Neal, Kaitlyn Bristowe, Dr. Drew, Steve Austin, LadyGang, and many more of the network’s 250+ top podcasters. Mr. Gray previously worked for iHeartMedia in the Katz Media Division, winning Salesman of the Year in 2005. His career with iHeartMedia included stints in the NYC, Boston and LA office selling traditional and digital media campaigns.
About PodcastOne
PodcastOne (PODC) is a Los Angeles based podcast network founded in 2012 by Kit Gray and Norm Pattiz providing creators and advertisers with a full 360-degree solution in sales, marketing, public relations, production, and distribution delivering over 2.1 billion downloads per year with a community of 250 of the top podcasters including Adam Carolla, Kaitlyn Bristowe, Jordan Harbinger, LadyGang, I’ve Had It, and A&E’s Cold Case Files. PodcastOne built a distribution network reaching over 1 billion listeners a month across all its own properties, LiveOne (LVO), Spotify, Apple, iHeart Radio, Samsung and over 150 shows exclusive available in Tesla vehicles. PodcastOne is also the parent company of LaunchpadOne, an innovative self-serve platform developed to launch, host, distribute and monetize independent user-generated podcasts. For more information, visit podcastone.com and follow us on Facebook, Instagram, YouTube and Twitter at @podcastone.
About LiveOne, Inc.
Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (the “Company”) is an award-winning, creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company’s wholly-owned subsidiaries include Slacker Radio, PodcastOne (PODC), PPVOne, Gramophone Media, Palm Beach Record, CPS, LiveXLive, Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR’s OTT applications. For more information, visit liveone.com and follow us on Facebook, Instagram, TikTok, YouTube and Twitter at @liveone.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue; the Company’s ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, including the proposed special dividend and spin-out of PodcastOne (the “Spin-Out”) and the Company’s pay-per-view business and the proposed merger of Slacker with Roth CH Acquisition V Co. (the “Proposed Business Combination”), the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s or Slacker’s ability to list on a national exchange; the Company’s ability to continue as a going concern; the Company’s ability to attract, maintain and increase the number of its users and paid members; the Company identifying, acquiring, securing and developing content; the Company’s intent to repurchase shares of its common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company’s ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 29, 2023, Quarterly Report on Form 10-Q for the quarter year ended June 30, 2023, filed with the SEC on August 15, 2023, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
* Included in the total number of paid members for the reported periods are certain members which are the subject of a contractual dispute. LiveOne is currently not recognizing revenue related to these members.
No Offer or Solicitation
This communication does not constitute a proxy statement or solicitation of a proxy, consent, vote or authorization with respect to any securities or in respect of the Spin-Out or the Proposed Business Combination and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange any securities, nor shall there be any sale, issuance or transfer of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
LiveOne IR Contact:
Kirin Smith
PCG Advisory
(646) 823-8656
ksmith@pcgadvisory.com
LiveOne Press Contacts:
LiveOne
press@liveone.com
