Perk.com announced Monday it has signed an asset purchase agreement with New York-based Viggle Inc., a mobile and web-based entertainment marketing platform.
Austin-based Perk will pay 1.5 million common shares, valued at $4.7 million, based on the closing price per Perk share of $4.30 on the Toronto Stock Exchange on Dec. 11th, along with warrants and the assumption of certain of Viggle’s liabilities. Perk is also lending Viggle $1 million prior to the transaction closing.
The board of directors of Perk and Viggle have unanimously approved the deal, which is subject to shareholder and regulatory approval. The deal is expected to close in the first quarter of 2016.
The deal gives Perk the rights to the Viggle name, brand and its Viggle App, a mobile and tablet application that uses incentives to make content consumption and discovery more rewarding for media companies, brands and consumers. And Perk will hire Viggle’s existing sales team and intends to continue operating out of its New York office location.
Launched in 2012, the Viggle App is an advertising platform that works on mobile phones and tablets allowing users to earn rewards by watching TV and listening to music. The Viggle app reported revenues of $4 million for the fiscal first quarter of 2016, ended Sept. 30 and had more than 10 million registered users. The two companies will have a combined user base of more than 20 million registered users.
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