MW LiveXLive to rebrand as LiveOne and spin off pay-per-view business into public company
LiveXLive Media $(LIVX)$ said Wednesday it will change its corporate name to LiveOne and spin off its pay-per-view business as a separate public company called PPVOne. LiveXLive plans to switch to the stock symbol LVO in coming weeks. As part of the spin off of its existing pay-per-view business, it will distribute a portion of the new company's equity to LiveXLive's stockholders by March 31. The name LiveOne builds upon the heritage created by the founder of Westwood One and PodcastOne, which LiveXLive acquired in July 2020, the company said. Shares of LiveXLive rose 2% in pre-market trades. The stock is down about 0.9% so far this year, compared to a rise of 19.6% by the Nasdaq 100 $(QQQ)$.
-Steve Gelsi
$(END)$ Dow Jones Newswires
September 15, 2021 07:29 ET (11:29 GMT)
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