LIVX CEO Robert Ellin said, “Gramophone Media is another outstanding addition to LiveXLive’s complementary businesses. Revenues are now expected to range between $107 million and $115 million, while adjusted operating income from its core operations is forecast to range between $5 million and $10 million. In addition, on May 26, LiveXLive raised its revenue guidance for FY2022 based on the strength in its core businesses. Gramophone Media’s management team, including President, Founder, and sole shareholder, Eshy Gazit, will remain with Gramophone Media. Upon completion of the deal, Gramophone Media will function as a wholly-owned subsidiary of LiveXLive. The acquisition is expected to close by the end of June this year, subject to certain regulatory approvals. Gramophone Media, Inc., based in NYC, is an artist and brand development agency specializing in music publicity with over 400 artists and platforms. (See LiveXLive Media stock analysis on TipRanks) Furthermore, the company’s online digital talent search platform, Self Made, will also benefit from the deal. Through the acquisition, artists will now get access to an end-to-end solution to develop and amplify their brand to audiences across LiveXLive’s apps and social media platforms.

The deal is expected to be immediately accretive to earnings and will compliment all of LiveXLive’s businesses. Shares of the global platform for live music, internet radio, and music-related streaming and video content have jumped 70.3% over the past year. The financial terms of the deal were not disclosed.

( LIVX) has entered into a binding Letter of Intent (LOI) to acquire Gramophone Media, Inc.

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