Liberated Syndication Announces $4.75 Million of New Equity Financing

Liberated Syndication (“Libsyn” or the “Company), the industry’s leading podcast hosting platform and advertising marketplace, announced that it has raised gross proceeds of $4.75 million in a private placement led by Carmac Partners, LLC, along with other existing shareholders and several new investors. Libsyn sold 1.27 million shares of its common stock at a price of $3.75 per share.

“This new equity financing comes at such an exciting time in the history of Libsyn. With the acquisitions of AdvertiseCast in June 2021 and PAR in February 2022, Libsyn is now one of the largest independent and fastest-growing advertising marketplaces in the podcast sector,” said Brad Tirpak, Libsyn’s CEO. “The PAR transaction will allow us to scale our AdvertiseCast platform even faster than we initially projected by adding experienced team members to our organization, increasing our inventory, and expanding our reach to new advertisers. The additional capital gives us greater flexibility across our businesses as we seek to become the preferred destination for both creators and advertisers.”

The company also announced that AdvertiseCast revenue exceeded $18 million in calendar year 2021, which triggers an earnout to the AdvertiseCast members under the purchase agreement, subject to final review. Libsyn acquired AdvertiseCast on June 4, 2021. AdvertiseCast reported $12 million in revenue in calendar year 2020.

Following the PAR acquisition and the financing transaction announced, Libsyn has a cash balance of approximately $13 million and 27.86 million shares issued and outstanding.

Please follow and like us:
 

PODCASTS

DIRECTORY

REVIEWS

NEWS

 

Sponsors - 1 eBooks - 1 Music - 1 News

iPodcast TM

PodcastsNews - Directory - Reviews

iPodcastTM is Produced by 1 MEDIA