Mill City Provides Short-Term Funding to Facilitate Merger of Podcast Platforms
MINNEAPOLIS, Minn., October 18, 2022 – Mill City Ventures III, Ltd. (“Mill City” or the “Company”) (Nasdaq: MCVT) announced today it has provided $2.225 million of short-term debt financing to Liberated Syndication Inc. (“Libsyn”), a leading “Podcasting As A Service” platform, to facilitate Libsyn’s recently announced acquisition of German podcast company Julep Media GmbH (“Julep”).
Founded in 2004, Libsyn is one of the first podcast hosting companies in the industry and today hosts over 75,000 shows and delivers over 6 billion downloads a year to listeners around the world. Libsyn accelerated its effort into podcast advertising in 2021 through a merger with AdvertiseCast LLC. Libsyn has indicated that with the combination of Julep, the combined companies will connect over 3,000 creators to over 750 advertisers who are looking to tap into the fast-growing podcast media market. In addition, Libsyn indicates that per the PwC / IAB Podcast Advertising Revenue Report, podcast advertising revenues are forecasted to exceed $2B in 2022 and almost triple to over $4B by 2024.
Brad Tirpak, Libsyn’s CEO, said, “Libsyn is thrilled to welcome Julep to our growing platform of advertising solutions for creators. Germany is one of the largest podcast markets in Europe, and Julep provides Libsyn with the immediate scale to become a leading force in podcast monetization in both Germany and the broader European market. We are grateful for our partnership with Mill City in helping us complete this transaction in a timely and efficient manner that delivered value to both sides.”
Mill City Chief Financial Officer, Joseph Geraci, said, “We have noted in the past that the market for our type of lending is robust and underserved by larger financial institutions. Our ability to create unique and tailored financing solutions allows us to service many different kinds of financial needs. Providing funding to meet a short-term liquidity need in furtherance of the closing of the merger of two companies is just one more example of where we can create solid results for our investors subject to well-managed risks.”
The debt financing matures in 180 days.
About Mill City
Founded in 2007, Mill City is a short-term non-bank lending and specialty finance company. Additional information can be found at www.sec.gov.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should carefully read the risk factors set forth in the Company's prospectus on Form S-1 filed with the SEC on April 26, 2022, as amended, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this press release constitute forward-looking statements, and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release, other than as required by law.
Joseph A. Geraci, CFO