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Entertainment Daily owner Digitalbox to join AIM next month after reversing into Polemos

Polemos, which will soon be called Digitalbox PLC, will also be home to Mashed Productions – the firm behind The Daily Mash satirical news site

daily mash
The deals are expected to go through on 5 March

The owner of celeb gossip site Entertainment Daily, Digitalbox Holdings, is to join AIM next month after reversing into cash shell Polemos PLC (LON:PLMO).

Polemos shares have been suspended since September while it looked to make an acquisition that constituted a reverse takeover.

WATCH: Entertainment Daily owner Digitalbox joins AIM

It will now change its name to Digitalbox PLC to reflect “the new direction” of the business.

Existing Digitalbox shareholders will receive shares in the new company worth £10mln.

Daily Mash will be first acquisition

The new Digitalbox’s first acquisition is set to be Mashed Productions, the firm behind The Daily Mash satirical news site, which it is buying for £1.2mln, mostly in cash.

To help finance the deals, Polemos is raising £1.02mln through the placing of 7.29mln shares at 14 pence apiece.

Subject to shareholder approval, the placing and subscription are expected to complete on 28 February, with the acquisitions formally going through a week later.

“I am pleased to be able to announce the acquisitions which, subject to shareholder approval, will result in the successful conclusion of the process announced in September, and will enable shareholders to benefit from the exciting potential of the Digitalbox platform and management team,” said Polemos chairman Nigel Burton.

More acquisitions planned

James Carter, chief executive of Digitalbox, said: “Our proposed admission to AIM will allow us to realise our ambition to create a market-leading, mobile-first digital media business through a buy and build strategy.

“Through our success with Entertainment Daily, we have a platform through which we can drive traffic and advertising revenue.”

He added: “We are excited to announce that our first planned acquisition will be the UK's leading satirical news site, The Daily Mash. With ten years of consistent audience growth under its belt and the Mash Report successfully airing on BBC2, it is a brand with huge potential.”

Quick facts: Digitalbox

Price: £0.06

Market: AIM
Market Cap: £5.64 m
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