LiveXLive To Acquire Gramophone Media For Undisclosed Sum

LiveXLive Media Inc LIVX inked a binding Letter of Intent (LOI) to acquire artist and brand development company Gramophone Media, Inc.
The financial terms of the transaction were not disclosed.
Gramophone Media's team, including President, Founder and sole shareholder Eshy Gazit, co-founder and CMO Patrick Ermlich, will remain with the company.
Gramophone Media will operate as a LiveXLive subsidiary.
LiveXLive held $17.6 million in cash and equivalents as of Dec. 31, 2020.
Price action: LIVX shares traded lower by 0.41% at $4.88 in the premarket session on the last check Friday.

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