YOLO invests in Electric Jukebox

YOLO invests in Electric Jukebox

YOLO Leisure & Technology plc have invested £1.4m in Electric Jukebox, which was funded by a £2.5m AIM fundraising.

Electric Jukebox is an ad-free music streaming service developed by Magic Media Works Limited, which has signed up celebrities such as Robbie Williams and his wife Ayda Field, Stephen Fry, Sheryl Crow and Alesha Dixon to assist with marketing, all of whom have equity interests in the business.

It is intended that Magic Media’s streaming products and services will initially be launched in the UK this month, extending to the U.S. and Continental Europe during 2017.

YOLO’s investment was advised by the Newcastle office of Bond Dickinson, and was made in the form of secured loan notes, which are convertible into an equity interest of approximately 41% in Magic Media.

Simon Robinson, CEO of YOLO said: "The Bond Dickinson team provided outstanding advice and support during this important strategic investment against a tight timescale and we are very grateful for their assistance."

Corporate Partner Jamie Pass was the lead adviser from Bond Dickinson and was supported by Catherine Willis. On completing the investment Jamie said: "We are delighted to have advised YOLO on this key investment. The capital raised will enable Magic Media to launch Electric Jukebox and accelerate their strategic expansion into new territories and markets."