In November 2012, the television loyalty service Viggle had announced its plans to purchase the social TV Guide GetGlue for $25 million and 48.3 million shares of stock. Yesterday, GetGlue announced that the deal was off.
“We are moving forward as an independent company, and all of us at GetGlue are excited about growing our social network and the leadership position on the second screen,” wrote the company in a blog post. “We have a strong product and partnership pipeline for 2013, and look forward to delighting our users and expanding the relationships with major networks, studios and brands.”
If the deal had gone through, Viggle would have operated GetGlue, added founder and CEO Alex Iskold to Viggle’s executive team and board of directors, and absorbed GetGlue’s remaining 34 employees.
At the time, Viggle executive chairman and CEO Robert F.X. Sillerman had described the merger as a means of “combining very experienced and creative product, engineering and management teams” and “vastly increasing the Viggle user base and quadrupling our network partnerships.”
GetGlue now reports a fan base of 3.5 million television viewers, partnerships with more than 75 major networks and studios, and numerous sponsors including Coca-Cola, Pepsi, Intel, Gap, and Mercedes.
As our sibling blog LostRemote reported, an SEC filing in early January showed that the two companies were discussing postponing the date of the merger in order to modify the agreement.
“During the time we started talking to GetGlue about an acquisition and since the merger agreement was signed in November, we have seen impressive growth in our business,” said Sillerman today in a statement. “We are pleased with this positive momentum.”
Added GetGlue, “The two companies remain friendly and think highly of each other.”
Image by koya979.