GetGlue Sale to Robert Sillerman's Viggle Called off
"GetGlue is a widely recognized brand and a product that is loved by millions of people," its CEO says in announcing that the deal is off.
GetGlue and Robert "F.X." Sillerman's Viggle, two social media companies serving TV fans, have called off a planned combination.
GetGlue founder and CEO Alex Iskold announced the news in a blog post entitled "GetGlue Not Merging With Viggle; Staying Independent."
Sillerman's Viggle had in November agreed to acquire GetGlue in a deal worth $25 million in cash plus what back then could have been around $60 million in stock. "The resulting combined company will be the dominant force in the exploding social TV market," Sillerman said at the time.
"Today we’ve decided that GetGlue will not be merging with Viggle. The two companies remain friendly and think highly of each other," Iskold wrote in his blog post Sunday night.
He didn't detail the exact reason for the decision, but Viggle recently had signaled it was having trouble raising the necessary financing for the deal.
"We have a strong product and partnership pipeline for 2013, and look forward to delighting our users and expanding the relationships with major networks, studios and brands," Iskold wrote in his blog post. "GetGlue is a widely recognized brand and a product that is loved by millions of people."
GetGlue has a community of more than 3.5 million TV fans who use the service to discuss programs they love and discover new content. More than 75 major networks and studios are routinely promoting their content to GetGlue fans, and major brands like Coca-Cola, Pepsi, Intel, Gap and Mercedes have sponsored ad campaigns on the service, according to GetGlue.
Similar to GetGlue, Viggle runs a loyalty program for TV that gives people rewards for checking into TV shows via Android and Apple devices.
Originally named Function(x), the company changed its corporate name to Viggle last year.