Robert Sillerman's Viggle to Acquire GetGlue for $85 Million
The deal between the two social media companies serving TV fans is worth $25 million in cash plus stock.
Robert "F.X." Sillerman's TV fan service Viggle has agreed to acquire social TV fan app GetGlue for $25 million in cash and stock currently worth nearly $60 million, the companies said Monday.
"The resulting combined company will be the dominant force in the exploding social TV market," they said.
“With this deal, we are combining very experienced and creative product, engineering and management teams that will continue to build great user experiences and provide industry leading platforms for consumers, networks and advertisers," said Viggle executive chairman and CEO Sillerman.
Under the terms of the deal, Viggle will pay $25 million in cash and 48.3 million shares of stock for GetGlue. Viggle will continue to operate both brands, and GetGlue founder and CEO Alex Iskold will join Viggle in a senior executive position.