PodcastOne Names Steve Lehman Vice Chairman to Drive Its Mergers, Acquisitions and Strategy Efforts
Rhea-AI Summary
PodcastOne (NASDAQ: PODC), a leading podcast platform, has appointed Steve Lehman as Vice Chairman to drive growth opportunities and advise on mergers, acquisitions, and strategy. Lehman, with extensive experience in media and finance, will leverage his background to enhance PodcastOne's global brand and shareholder value. His appointment aligns with the company's vision for long-term growth and expansion of high-margin revenue channels.
Lehman's impressive career includes founding Premiere Networks, investing in Broadcast.com, and serving on boards of various tech and media companies. PodcastOne, founded in 2012, offers a comprehensive podcast solution, delivering over 2.1 billion downloads annually with a network of 250 top podcasters. The company's distribution network reaches over 1 billion listeners monthly across multiple platforms.
Positive
- Appointment of experienced executive Steve Lehman as Vice Chairman
- Focus on driving organic and inorganic growth opportunities
- Potential for enhanced mergers and acquisitions strategy
- Network of 250 top podcasters
- 2.1 billion annual downloads
- Distribution network reaching over 1 billion listeners monthly
- Expansion into new high-margin revenue channels
Negative
- None.
News Market Reaction
On the day this news was published, PODC gained 7.14%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LOS ANGELES, Sept. 09, 2024 (GLOBE NEWSWIRE) -- PodcastOne (NASDAQ: PODC), a leading on demand pure play podcast platform offering a 360-degree turnkey solution, including content creation, brand integration and distribution, announced today the appointment of Steve Lehman as its Vice Chairman, focusing on helping PodcastOne drive both organic and inorganic growth opportunities, as well as advising PodcastOne’s senior management with regard to PodcastOne’s mergers and acquisitions efforts and overall strategy and increasing its shareholder value. Lehman will leverage his extensive background in business and finance having headed both Nasdaq and NYSE companies, as well as start-up businesses in the media, entertainment, and tech industries.
“We are pleased to welcome Steve Lehman to PodcastOne. His unique knowledge of content and media, and his successful track record and history in merger, roll-up, and consolidation, perfectly aligns with PodcastOne’s strategy and vision for its long-term growth. We continue to launch new revenue channels with high margins atop of our existing strong infrastructure, and we look forward to leveraging Steve’s experience, leaning into his expertise and relationships as PodcastOne further builds its global brand,” said PodcastOne President and Co-Founder, Kit Gray.
Lehman has extensive experience on both boards, and advisory boards, with companies including Vymedic Biotech, Valkyrie Bitcoin ETF (Nasdaq), CoFoundersLab, DocuSign, Krach Institute for Tech Deplomacy, Ucode and multiple other start-ups to series A companies. Lehman was a first round investor in Mark Cuban’s Broadcast.com, a partner in merchant bank Broadstream Capital Partners, and a seasoned investor, entrepreneur, and lifelong business leader. Lehman was the Founder, Chairman, and CEO of the largest radio network in the US, Premiere Networks (Nasdaq), which is now the part of iHeartRadio’s empire of audio companies.
About PodcastOne
PodcastOne (Nasdaq: 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, A&E's Cold Case Files and Varnamtown. PodcastOne has built a distribution network reaching over 1 billion listeners a month across all of its own properties, LiveOne (Nasdaq: LVO), Spotify, Apple Podcasts, iHeartRadio, Samsung and over 150 shows exclusively 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. For more investor information, please visit ir.podcastone.com/overview/default.aspx.
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: LiveOne’s reliance on one key customer for a substantial percentage of its revenue; LiveOne’s and PodcastOne’s ability to consummate any proposed financing, acquisition, special dividend, merger, distribution or transaction, including the spin-out of LiveOne’s pay-per-view business, 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, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to continue as a going concern; PodcastOne’s ability to attract, maintain and increase the number of its listeners; PodcastOne identifying, acquiring, securing and developing content; LiveOne’s intent to repurchase shares of its and/or PodcastOne’s common stock from time to time under LiveOne’s announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; LiveOne’s ability to maintain compliance with certain financial and other covenants; PodcastOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of PodcastOne, LiveOne and/or LiveOne’s other subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in PodcastOne’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2024, PodcastOne’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 13, 2024, and in PodcastOne’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and PodcastOne disclaims any obligation to update these statements, except as may be required by law. PodcastOne intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Press Contacts:
For PodcastOne
310.246.4600
Susan@Guttmanpr.com
Investor Relations:
Jason Assad
678-570-6791
jwassad@podcastone.com
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