Courtside Group, a podcast producer and publisher being spun out of LiveOne, filed on Tuesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Courtside Group will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
The Registered Stockholders, which include parent LiveOne as well as management, plan to sell up to 6.2 million shares. LiveOne also plans distribute an additional 1.3 million shares as a special dividend to its stockholders in connection with the spin-off.
Courtside Group's shares of common stock do not have a history of trading in private transactions. The company completed a private placement offering of unsecured convertible notes in July 2022 at a $68 million valuation. In connection with this financing, parent LiveOne announced that it planned to complete the direct listing and distribution before March 31, 2023, and agreed not to effect the listing unless Courtside Group's post-money valuation would be at least $150 million.
Operating as PodcastOne, the company is a podcast platform and publisher that makes its content available to audiences via all podcasting distribution platforms, including its website, Apple Podcasts, Spotify, and Amazon Music, among others. The company also produces vodcasts (video podcasts), branded podcasts, merchandise, and live events on behalf of talent and clients. PodcastOne sees 350 episodes produced weekly, with 3.8 million unique downloads a month in the US and 22.6 million streams and downloads globally.
The Beverly Hills, CA-based company was founded in 2012 and booked $34 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol PODC. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Joseph Gunnar will serve as a financial advisor.
