Polemos to acquire Digitalbox Publishing, Mashed Production for £11.2m

Polemos said it had agreed to acquire both Digitalbox Publishing and Mashed Productions for up to £11.2m combined.

Digital media business Digitalbox would be acquired for around £10m via the issue of around 72.7m new shares.

Mashed Productions, which owned the online satirical news website 'The Daily Mash', would be acquired for up to £1.2m, via the issue of about 1.4m news shares and up to £1m in cash.

Polemos also said it would raise around £1.0m via the issue of new shares in the company at 14p each.

It would also change its name to Digitalbox to reflect the new direction of the company.

'I am pleased to be able to announce the acquisitions which, subject to shareholder approval, will result in the successful conclusion of the process announced in September, and will enable Shareholders to benefit from the exciting potential of the Digitalbox platform and management team,' chairman Nigel Burton said.