Radio group UBC Media has confirmed that its acquisition of digital music firm 7digital is still on. The companies have signed “Heads of Terms” and agreed a period of exclusivity until 4 April to complete the reverse takeover process, and create a new public company combining their businesses. Alongside this UBC has diluted its stake in audio social network Audioboo (which you might unkindly think of as the Myspace to SoundCloud’s Facebook) in order to help it raise $3.5m of new funding. UBC will now hold a 20% stake in One Delta, a public shell company which will own Audioboo. “Our aim is to create a new public company via 7digital which will be perfectly placed to exploit the rapidly developing market for online and mobile music services,” said UBC boss Simon Cole. “The evidence is that the growth in this market will be in curated services which consolidate music and radio in one place and our new company will be perfectly placed here. Our strategic investment in Audioboo compliments this well.”

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