Leading global podcast network Wizzard Software announced today it has signed a definitive share exchange agreement to acquire 100 percent of Digital Entertainment International Ltd.'s (FAB) outstanding shares.
FAB is a leading licensor and distributor of copyright-protected digital media content in China. Headquartered in Beijing, FAB offers mainland China's largest selection of copyrighted DVDs, Blu-ray discs, music CDs, video games, and downloadable digital content through wholesale and retail distribution channels, vending kiosks, and Internet stores. The company's audited revenues amounted to $39.1 million in 2009, $55.5 million in 2010, and $70.9 million in 2011. Fab's net income was $4.6 million in 2009, $11.5 million in 2010, and $15.3 million in 2011.
At the time of closing, Wizzard will issue shares equal to 49 percent of its outstanding shares, as well as two new seats on its board of directors, in return for 100 percent of the outstanding shares of FAB. FAB additionally has the ability to receive or earn up to 78 percent of Wizzard's outstanding shares upon meeting certain corporate governance and revenue milestones over a two-year period after closing. Wizzard's current U.S.-based management will remain, but FAB's founder and controlling shareholder will be welcomed as Wizzard's new chairman of the board upon closing.
Wizzard Media offers distribution and monetization services to podcast publishers, helping companies measure their podcast audiences, deliver popular audio and video entertainment, and monetize their content through advertising and app sales and subscriptions. The company's clients include Microsoft, National Geographic, Harvard Business Review, NPR, and more than 10,000 others. In 2011, Wizzard Media Network received more than 1.64 billion podcast requests from approximately 50 million people across the globe through such devices and destinations as iPods, iPhones, iPads, iTunes, Blackberrys, Zunes, and Androids.
For more information, visit the company's Web site at www.wizzardsoftware.com
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