UBC Media’s merger with digital music company 7digital has been rumbling along for months, but yesterday the radio firm confirmed its final plans. UBC will pay £16.5m for 7digital in a reverse takeover, with the new (public) company set to be branded as 7digital Group PLC. The move comes after Imagination Technologies, which holds shares in both companies, offered a £1m bridging loan to 7digital ahead of the merger – the second such loan, following £1m lent by UBC last November. The new 7digital company will have a valuation of around £29m when shares go back on the market. And just as when it was originally announced, this deal is all about radio and streaming music crossing over. “This transaction will create a world leading digital music and radio platform that is ideally positioned to exploit the convergence of radio and digital music services,” as UBC CEO Simon Cole put it yesterday. “The new business will also be well-placed to drive consolidation of the fragmented B2B digital music industry.”
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