LiveXLive Media Appoints Veteran Industry Executive Andy Schuon President And Agrees To Acquire Slacker Radio

BEVERLY HILLS, Calif., Sept. 15, 2017 /PRNewswire/ -- LiveXLive Media, Inc. (OTC: LIVX) ("LiveXLive"), one of the only premium streaming networks devoted to live music and music-related video content, has appointed Andy Schuon as president, effective immediately and has entered into a merger agreement to acquire Slacker Radio, a streaming music and personalized radio subscription service. The strategic step is the first move by Schuon – a veteran media and entertainment executive who has created and managed a vast collection of streaming services, television networks, radio, and digital media brands. As the newly named president of LiveXLive Media, Schuon will oversee all of the company's divisions, which include live music lifestyle video service LiveXLive, Wantickets and social media influencer business LiveXLive Influencers as well as Slacker Radio and Snap Interactive, after they are successfully acquired.

"Andy joins us at a perfect time to lead this latest acquisition of Slacker Radio and direct the company overall," said Robert Ellin, CEO and chairman of LiveXLive Media. "Andy is an industry visionary with significant experience and deep knowledge of the media and entertainment landscape. He has a long-standing, proven track record of both driving and maintaining growth while achieving excellence and innovation at every level for some of the biggest music brands and media properties in the world. Andy's unparalleled work in audio and video content is the perfect complement for LiveXLive, Slacker and our other businesses."

The acquisition of Slacker Radio will help accelerate LiveXLive Media's efforts to deliver world-class entertainment, information, and music content. Slacker Radio has been a key innovator in the streaming music space, with a proven programming and personalization platform that has powered streaming music experiences for global brands like Tesla and Samsung. Slacker and LiveXLive Media will combine content programming teams to build a network of both audio and video channels that stretch across mobile, TV apps, and in-car infotainment systems. Slacker Radio will also further LiveXLive Media's ability to drive innovation across technology and digital entertainment while providing the company with access to a new base of consumers and music aficionados. Slacker's technology team and platform will bring significant advantages to both the audio and video sides of LiveXLive Media. Similarly, LiveXLive Media's access to festivals, clubs, venues, concerts and its influencer network, with more than 85 million combined followers, will open the door for creative new content collaborations and increased exposure. 

"The passion for live music has never been greater, and LiveXLive is focused on being the brand-of-record – globally – for live music information, music-focused content and the streaming of music's biggest festivals and events," stated Andy Schuon, President of LiveXLive Media. "I walked into a radio station at 16, and it became who I am, not what I do. To continue to have the opportunity to shape the future of music streaming services and streaming radio with a leading platform like Slacker Radio is incredibly exciting," Schuon continued. "I look forward to working with the Slacker team as we bring the worlds of recorded music and live music together with the best audio and video content."

Slacker Radio delivers free and subscription-based access to millions of songs from all three major music companies and many independent artists. This is in addition to hundreds of expertly programmed stations, including news, sports and talk from ABC News, ESPN and others. Slacker Radio is available on mobile devices, in-car infotainment systems, online and consumer electronic platforms. Since its launch in 2007, Slacker Radio has continued to represent the next-generation of personalized radio, allowing music lovers to choose from the broadest selection of human-curated stations that are personalized to their taste.

With nearly 60 percent of millennials using two or more apps for streaming music, according to Nielsen, the market is prime for a service that combines video with the live and recorded music worlds. Bringing Slacker Radio into the LiveXLive Media fold will provide fans with a premium radio experience and a pass to some of music's biggest nights, from festivals and concerts to special performances by some of the world's top artists.

"Slacker Radio and LiveXLive share a mutual commitment to drive the digital music industry forward by leveraging cutting-edge technologies to create fan-first content and programming. Our mutual philosophy makes this acquisition a natural fit. We are excited to be joining forces with LiveXLive to extend the capabilities of Slacker to create a broader set of consumer experiences and leverage the reach and resources of LiveXLive to accelerate growth in the business," said Duncan Orrell-Jones, CEO of Slacker Radio.

Under terms of the merger agreement, LiveXLive Media will acquire Slacker through a merger of LiveXLive Media's wholly owned subsidiary LXL Music Acquisition Corp, and following the merger, Slacker will continue as a wholly owned subsidiary of LiveXLive Media.  The aggregate purchase price of $50 million, consisting of cash and stock, is subject to adjustments as provided in the merger agreement. The closing of the proposed transaction is subject to certain conditions, including the completion by LiveXLive Media of its planned underwritten public offering. There can be no assurance that the acquisition will be consummated on the terms described herein, if at all. For more information about the transaction, see LiveXLive Media's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 31, 2017.

Schuon joins LiveXLive Media at a time when the company is focused on growing its business opportunities and offerings, including the recent acquisition of video streaming and online community company Snap Interactive. In his role as president of LiveXLive Media, Schuon will report directly to Robert Ellin. With a proven track record of launching and leading media companies, Schuon is uniquely positioned to oversee the acquisition of Slacker Radio and to drive growth across the LiveXLive Media group of music-related businesses.

Most recently, Schuon was involved in a group of acquisitions that included Fox's former Fuel TV network. He is the co-founder of REVOLT TV with Sean "Diddy" Combs and led both the development and rollout of the network across cable TV, social media, website and apps. Previously, Schuon has held a slate of leadership positions, including executive vice president and head of programming at MTV, VH1 and MTV2, CEO of two Universal Music Group companies, president of artist services at Ticketmaster/Live Nation, executive vice president and general manager of Warner Bros. Records, president of programming at Infinity/CBS Radio and program director of The World Famous KROQ-FM Los Angeles.

About LiveXLive Media, Inc. 
LiveXLive Media, Inc. ("LiveXLive Media") is a consolidated group of media and tech assets, including the LiveXLive platform ("LiveXLive"), which is one of the world's only premium internet streaming networks devoted to live music and music-related video content. Since LiveXLive's launch in 2015, LiveXLive Media has been building an online destination for music fans to enjoy premium live performances from music venues and leading music festivals around the world, such as Rock in Rio, Outside Lands Music and Arts Festival and Hangout Music Festival, as well as premium original content, artist exclusives and industry interviews. The LiveXLive platform has featured performances and content from some of the most popular artists in various music genres, including Rihanna, Katy Perry, Metallica, Duran Duran, Radiohead, Chance The Rapper, Bruce Springsteen, Major Lazer and Maroon 5. For more information, visit our website at www.livexlive.com and follow us on Facebook, Instagram and Twitter at @livexlive. 

About Slacker Radio 
Slacker Radio ("Slacker") delivers the perfect music for any moment. The company offers free and subscription-based access to millions of songs and hundreds of DJ-programmed stations, plus news, sports and talk, on the web, mobile devices, in-car infotainment systems and consumer electronics platforms. By blending a team of expert music curators and content programmers with cutting-edge analytics, Slacker delivers a seamless music discovery experience and uniquely personalized entertainment. Slacker was founded in 2006 and is headquartered in San Diego, CA. For more information about Slacker, or to listen for free, visit www.slacker.com

Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are "forward-looking statements."  These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.  These factors include uncertainties as to the consummation of the proposed acquisition of Slacker, identifying, acquiring, securing and developing content, ability to attract and retain users, successfully implementing LiveXLive Media's and Slacker's growth strategy, including relating to their technology platforms and applications, management's relationships with industry stakeholders, changes in economic conditions, competition, and other risks including, but not limited to, those described from in LiveXLive Media's Annual Report on Form 10-K for the fiscal year ended March 31, 2017 and other filings and submissions with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof and LiveXLive Media disclaims any obligations to update these statements except as may be required by law.

SOURCE LiveXLive Media, Inc.

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