London student media platform acquired by The Daily Mash owner
A London-based student media outlet has been acquired by the company behind satirical news website The Daily Mash.
Digitalbox has announced the purchase of youth-focused digital platform Tab Media for £750k, alongside plans to raise additional funds.
Further to the acquisition, the firm has proposed a direct subscription to raise £1.2m, issuing 24.5m new shares at 4.9p to Downing Strategic Micro-Cap Investment Trust plc.
The deal marks the third title for the group, which owns Entertainment Daily as well as The Daily Mash.
Digitalbox commented that it had seen “positive and early signs of recovery in the advertising market”, which prompted the decision to proceed with the acquisition.
The firm said: “The funds… will provide additional balance sheet firepower to facilitate further mergers and acquisitions (M&A) and to underpin other organic growth strategies.
“The growing strength of Digitalbox’s balance sheet underpins its ability to execute further sensibly priced M&A, with the current macro environment just increasing the possibilities.”
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