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Function(x) Inc. Announces $10,000,000 Private Placement

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FUNCTION(X) INC. (NASDAQ:FNCX) ("Function(x)", or the "Company"),
a leading social publishing and interactive media platform, today
announced that it has accepted subscriptions for the issuance of
$10,000,000 in restricted Series G Preferred Equity, which will be
initially convertible into shares of its common stock at a price of
$1.05 per share (the "Placement"). The gross proceeds to Function(x)
from this offering are expected to be approximately $10,000,000 before
deducting expenses associated with the transaction.

The proceeds of this transaction will be used for working capital and to
execute on the Company's expansion plan, which is an integral part of
the Company's long-term mission to become the preeminent 21st
century digital media platform.

Function(x)'s largest shareholder, Robert F.X. Sillerman, Executive
Chairman and CEO, led the Placement. "We are pleased to announce this
Placement at a milestone moment for Function(x)", said Robert F.X.
Sillerman, Executive Chairman and CEO of Function(x). "This Placement,
and the collaborations with our partners to come, enables us to expand
and grow the business with the objective of creating the leading digital
media platform. We anticipate leveraging our collective resources as we
focus on long term value creation."

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Function(x)

Function(x) operates Wetpaint.com and Rant. Wetpaint is the leading
online destination for entertainment news for millennial women, covering
the latest in television, music, and pop culture. Rant is a leading
digital publisher with original content in multiple different verticals,
most notably in sports, entertainment, and pets. Function(x), Inc. is
also the largest shareholder of DraftDay Gaming Group, which is
well-positioned to become a significant participant in the expanding
fantasy sports market, offering a high-quality daily fantasy sports
experience both directly to consumers and to businesses desiring turnkey
solutions to new revenue streams. Function(x), Inc. also owns Choose
Digital, a digital marketplace platform that allows companies to
incorporate digital content into existing rewards and loyalty programs
in support of marketing and sales initiatives. For more information,
visit www.functionxinc.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and as
defined in the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially from
those projected or anticipated. All information provided in this press
release is as of the date of this release. Except as required by law,
Function(x), Inc. undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements are
made or to reflect the occurrence of unanticipated events.

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