Loop Media, Inc. Completes Transaction with Ithaca Holdings, LLC for the Acquisition of EON Media Group Pte. Ltd. and its Asia Pop40 Syndicated Radio Network
Glendale, CA, June 10, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Loop Media, Inc. (“Loop Media”)(OTC: LPTV), a leading provider of its own branded music video and entertainment streaming services for businesses and consumers, today announced that it has completed the acquisition of EON Media Group Pte. Ltd. (“EON Media Group”), in a transaction with Ithaca Holdings, LLC (“Ithaca”). Ithaca is a part of the HYBE America portfolio, a wholly owned subsidiary of HYBE, a South Korean entertainment lifestyle platform company, led by SB Projects’ and HYBE board member Scott “Scooter” Braun. EON Media Group is based in Singapore and is led by founder and CEO, Robert Graham. Loop Media previously purchased a 20% equity interest in EON Media Group for cash and shares of Loop Media common stock in a transaction that closed in December 2020. Loop has now acquired the remaining 80% equity interest of EON Media Group in this latest deal.
Loop Media’s acquisition of EON Media is intended to allow for international expansion of the Asia Pop40 brand. Currently, Asia Pop40 is a weekly syndicated radio program with a footprint of more than 100 markets, and potentially reaching over 1.5 billion people in those markets. Loop Media plans to bring Asia Pop40 to television and launch in additional territories worldwide, including American Pop40, Latin American Pop40 and UK Pop40. Furthermore, Loop Media believes its focus on bringing visibility and opportunities to both established and emerging talent is greatly enhanced with the additions of Scooter Braun, Allison Kaye (President of SB Projects and Partner, Ithaca Holdings, LLC), and Jen McDaniel (SB Projects’ General Manager of Music), who now sit on Loop Media’s advisory board. Rob Graham will remain CEO of EON Media, which is now a wholly-owned subsidiary of Loop Media.
“With Scooter, Allison, Jen and their vast global network of artists and strategic partnerships, we feel they will be a tremendous help to our consumer roll out, which we expect first in the United States and then abroad,” said Jon Niermann, CEO & Co-Founder of Loop Media. “The completion of the purchase of EON Media and the opportunity to work with its founder, Rob Graham, gives Loop Media a tremendous advantage in terms of presence thanks to EON Media’s powerful existing platform that it has developed since 2013,” added Mr. Niermann.
“After nearly 20 years of building EON Media and eight tremendous years of growing Asia Pop40 from a single station in Singapore to more than one hundred markets across the Asia-Pacific, Middle East and now the United States markets, while never missing a single week on the air, we are thrilled to be able to continue our relationship with Scooter and his team and become part of an exciting company with such potential upside like Loop Media,” said Rob Graham, Founder and CEO of EON Media. “We believe the brand and distribution model we have built can find further success across Asia as well as worldwide with the help of Loop Media, so I’m excited to work with Jon and his team to help find that growth,” concluded Mr. Graham.
About Loop Media
Loop Media, Inc. is a leading provider of video streaming services for businesses and consumers that feature its own branded music and entertainment channels and curated playlists. Through its proprietary Loop Player for businesses and interactive mobile and TV apps for consumers, Loop Media is the only company in the U.S. licensed to stream music videos directly to consumers and venues out of home.
Loop Media’s digital video content reaches thousands of out-of-home (OOH) locations including hotels, bars/restaurants, office buildings, and retail businesses, as well as millions of consumers in the U.S., Canada, and Latin America through its apps for iOS, Android, and Huawei, as well as Connected and Smart TVs. To date, these TV platforms include Amazon Fire TV, Android TV, AT&T TV, Hisense, JVC, LG, Philips, Roku, Sharp, Sony, Toshiba, VIZIO, and free ad-supported TV platforms TIVO+, Plex, DistroTV, and GSTV.
One of the largest and most important libraries of music videos, live performances, and other content ever assembled fuels Loop Media. Loop has channels in a multitude of genres and moods: non-music channels focused on movie trailers, sports highlights, lifestyle and travel, viral videos, and more. The Loop consumer apps allow users to create their own playlists or “Loops” and share them live with interactive watch parties. Loop Media’s streaming services generate revenue from advertising, sponsorships, integrated marketing, and branded content from free-ad-supported-television (FAST) and from subscription offerings.
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About EON Media
EON Media Group operates at the Asian intersection of music, media, entertainment and brand marketing. Headquartered in Singapore, EON has provided commercial and creative solutions for artists, brands and companies looking for a bridge from Asia to the world, and vice-versa for nearly 20 years. EON’s pioneering work in the Asian broadcast and music industries has been recognized around the world. EON works with some of the world’s leading media and entertainment brands, media owners, live-music venue operators, music promoters, agents and managers throughout Asia-Pacific and the Middle-East. EON operations include syndicated content creation, music publishing, supervision and synchronization, as well as artist agency services. EON is also the producer and syndicator of Asia Pop 40, Asia’s first locally-produced weekly radio chart show, heard every week in over 100 markets in the Asia-Pacific (including China), the Middle-East and North America.
Safe Harbor Statement and Disclaimer
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including, but not limited to, Loop Media’s ability to compete in the highly competitive markets in which it operates, statements regarding Loop Media’s ability to develop talent and attract future talent, the success of strategic actions Loop Media is taking, and the impact of strategic transactions. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Loop Media believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. Loop Media takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by Loop Media. Loop Media’s SEC filings are available at http://www.sec.gov.
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