In a move consolidating two aspiring second-screen TV apps
players, Viggle announced Monday plans to acquire GetGlue for $25 million in
cash and stock currently worth about $59 million.
Under the terms of the deal, Viggle will pay $25 million in
cash and 48.3 million shares of stock for GetGlue. Viggle will operate the
Viggle and GetGlue brands, and GetGlue founder and CEO Alex Iskold will join
Viggle in a senior executive position on its management team and as a member of
its board. Viggle will also absorb all 34 of GetGlue's employees.
The combined company will have nearly 4.5 million registered
users, which Viggle said will help it drive toward scale to line up more
advertising clients and TV programming partners.
"With this deal, we are combining very experienced and
creative product, engineering and management teams that will continue to build
great user experiences and provide industry leading platforms for consumers,
networks and advertisers," Robert F.X. Sillerman, Executive Chairman and CEO of
Viggle, said in a statement. "We will also be vastly increasing the Viggle user
base and quadrupling our network partnerships. Viggle and GetGlue users can
look forward to using the apps they have come to love as we add new and
appealing features made possible by the combined resources of this clear
industry leader."
