This Letter of Intent involves
Title: Loton, Corp Enters into Letter of Intent to Sell its Interest in KOKO and for LiveXLive Subsidiary to Obtain Exclusive Digital Streaming Rights for KOKO Events
Loton, Corp Enters into Letter of Intent to Sell its Interest in KOKO and for LiveXLive Subsidiary to Obtain Exclusive Digital Streaming Rights for KOKO Events
LOS ANGELES, September 11, 2015, Loton, Corp (OTC: LIVX ) has entered into a non-binding Letter of Intent to sell its 50% ownership interest in KOKO, London’s iconic live music venue. As part of the proposed transaction, Loton’s wholly-owned subsidiary, LiveXLive, a new live music streaming platform, shall enter into a three (3) year agreement for certain exclusive digital broadcast rights of KOKO events. The proposed sale would strengthen the company’s balance sheet enabling flexibility with regards to future transactions. Any sale would be subject to due diligence and definitive agreements and other approvals.
“We are strategically positioning ourselves away from owning and operating venues toward the focus of securing rights, owning and distributing digital content, and becoming a pure play digital company. LiveXLive plans to leverage the mobile device preference of millions of millennial fans, creating the first independent global live music and lifestyle network delivered across all digital platforms. The proposed digital broadcast rights agreement for KOKO events will represent a milestone in our development. We look forward to announcing many other multiyear agreements with leading venues, festivals and content providers,” said Robert Ellin, LiveXLive Founder and Chairman.
LiveXLive is planning to launch this fall with the world’s first live music streaming platform. Currently, the company is in discussions with content partners, venues and artists from around the world.
KOKO is a premier multimedia and lifestyle brand and one of London’s iconic live music venues. KOKO is internationally renowned for d