Digital music service bought in reverse takeover as multimedia company looks to create global music and radio business.
Multimedia content company UBC has acquired digital music service 7digital as part of a reverse takeover to create a £30m global digital music and radio business.
UBC Media, which provides radio content to 250 companies, including the BBC and Yahoo, has acquired 7digital for £16.5m.
The next step in the deal will see the formation of a new public company, 7digital group, which will list on the stockmarket from 10 June with an expected stockmarket valuation of £29m.
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