Digitalbox PLC, a digital media company that owns platforms including Entertainment Daily and The Daily Mash, is to buy the digital assets of 99 Problems, Student Problems, and The Life Network Shopping from Media Chain Group Limited for US$800,000.
Media Chain was founded by Dragon’s Den star Steven Bartlett in 2014 and is still owned by Social Chain AG, the German firm created from the merger of Social Chain and German company Lumaland in 2019.
The acquisition will substantially expand Digitalbox’s audience reach – the combined follower base from the purchased assets will more than double the company’s current 8m Facebook followers.
It includes acquiring 10m Facebook followers from 99 Problems, 1.4m TikTok followers from Student Problems, and 1m Facebook followers from The Life Shopping Network.
“Satisfactory testing” will be completed by Digitalbox before finalising the purchase, with payment made through an immediate deposit of US$79,000 and a further US$720,000 upon completion, expected within five months of the exchange date.
“The opportunity to acquire some of the Media Chain Group assets is an excellent way for us to explore significantly extending the audiences currently being served by the Digitalbox brands,” said James Carter, chief executive of Digitalbox.
“With 99 Problems having started life as a social page called Student Problems, we believe there are plenty of synergies to build around The Tab whilst there is very strong common ground between Entertainment Daily’s audience and those who follow The Life Shopping Network.
“The management team will get to work straight away on proving this case before completion.”
The Social Chain side of Bartlett’s former business were sold to Brave Bison by Social Chain AG in a £7.7m deal earlier this year.
