Member Article

Newcastle lawyers advise on £1.4m investment in new music streaming service

Newcastle law firm Bond Dickinson has advised YOLO Leisure & Technology plc on a £1.4m investment in Electric Jukebox, an ad-free music streaming service and associated player developed by Magic Media Works Limited.

The company has signed up a number of celebrities to assist in marketing Electric Jukebox, including Robbie Williams and his wife Ayda Field, Stephen Fry, Sheryl Crow and Alesha Dixon, all of whom have equity interests in the £2.5m AIM-funded firm.

Magic Media plans to stream its products and services initially be launched in the UK this month, extending to the U.S. and Continental Europe during 2017.

YOLO’s investment was made in the form of secured loan notes, which are convertible into an equity interest of approximately 41% in Magic Media.

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.”

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