Lew Dickey’s Modern Media Acquisition Corp. Purchases Music Streaming Provider Akazoo

[Y2kTheNewOldies]

https://radioinsight.com/headlines/...rp-purchases-music-streaming-provider-akazoo/

Akazoo is the music streaming provider in Europe, Southeast Asia, South America and Africa. The Akazoo/ Lew Dickey Deal if approved is at estimated to be at $469 million.

Akazoo is a music streaming platform focusing on emerging markets with 4.3 million subscribers in 25 countries in Europe, Southeast Asia, South America and Africa. The deal is structured as a merger which will see MMDM and Akazoo combined into a new publicly traded holding company with Dickey as Chairman and Akazoo founder/CEO Apostolos N. Zervos remaining in that role. Modern Media Acquisition Corp. currently has only until February 17, 2019 to close a deal or its shares must be returned to its investors. At a February 8 shareholder meeting a vote will be held to extend that deadline to June 17. Should the proposal be turned down, the company will have the option to terminate this agreement and redeem all outstanding public shares.

 

[upndownthedial]

Lew Dickey needs to take a long walk off a short pier. j/s

 

[Y2kTheNewOldies]

https://radioinsight.com/headlines/...-seeks-extension-to-complete-akazoo-purchase/

Here is an update

Lew Dickey’s Modern Media Acquisition Corp. has announced it has been granted another deadline to complete an acquisition.

Dickey launched Modern Media Acquisition Corp. in March 2017 in partnership with Macquarie Capital. The company originally had a deadline of November 17, 2018 to close a deal or its $211 million raised must have been returned to its investors. That deadline has already been extended to February 17, 2019 and then June 17 following its announced purchase of UK based streaming music service Akazoo.

That deal, which would see Dickey serve as Chairman of the combined company based in Luxembourg, is still scheduled to close at some point in the third quarter of this year. Dickey’s company now has a new deadline of September 17 to close the deal valued at $469 million. Akazoo currently serves 25 countries in Europe, Asia, South America and Africa and has over 4 million subscribers. No plans have been stated for expansion into the United States or elsewhere since the purchase was announced.