Libsyn Announces Sale of Pair Networks, Leadership Transition

PITTSBURGH, PA / ACCESSWIRE / August 19, 2024 / Today, Liberated Syndication Inc. ("Libsyn"), the leading podcasting platform for creators and advertisers, announced it has signed an agreement to sell Pair Networks, its website hosting platform, to Your.Online, the online services platform of Strikwerda Investments, a family office based in The Netherlands.

Charles (Chuck) F. Cargile, Libsyn Chief Financial Officer and Interim Chief Executive Officer said, "We are pleased to announce an agreement to sell Pair Networks. The divestiture of this non-core division will simplify our Company and allow us to invest all of our efforts and resources into our podcast creators and our advertising partners. We are excited for the future of Pair Networks as part of Your.Online and will provide continuing support to ensure a smooth transition." Mr. Cargile noted that the transaction is subject to customary closing conditions and is expected to close by the end of August 2024. Wolfson Partners LLC served as financial advisor for Libsyn and Frederic Dorwart, Lawyers, PLLC served as legal counsel on the transaction.

In addition, the Company announced that its Board of Directors has been actively working on a leadership succession plan to support ongoing business momentum and the next phase of profitable growth. Patrick Dolan, Chairman of the Board of Directors said "The Libsyn team continues to deliver strong results and we look forward to bringing in a new leader to help strengthen our position as the go-to destination for podcast creators and advertisers seeking engaged audiences."

John W. Gibbons served as Interim Chief Executive Officer since June of 2023 and he is no longer employed by the Company.

About Liberated Syndication

Celebrating our 20th year in podcasting, Liberated Syndication Inc. ("Libsyn") is the leading podcasting platform for creators and advertisers to host, distribute, monetize, amplify, and measure their audio and video content. The Company hosts more than 75,000 shows and delivers over 8 billion downloads to listeners globally. Libsyn Ads offers industry-leading podcast advertising solutions, serving as a comprehensive ad buying and management offering for creators, advertisers, and agencies to initiate and manage highly targeted campaigns across thousands of shows. Visit libsyn.com or investor.libsyn.com for more information on the Company and the platforms that it powers.

About Your.Online

As part of the greater Your.World group of online solution providers, Your.Online is the leading serial acquirer in online services, providing high quality managed online services to businesses of all sizes. Our performance is driven by a clear focus on supporting high intent customers to realize their full online potential. We cherish our successful track record in acquiring, developing and empowering strong local brands to lead their markets by nurturing entrepreneurial spirit. Visit Your.Online for more information.

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Investor Contact:

Libsyn - investor@libsyn.com

SOURCE: Liberated Syndication, Inc.