Function(X) Inc. Arrives with Commitment in the Social Publishing Space as it Evaluates its Fantasy Sports Business
June 13 2016 - 10:55AM
Business Wire
Function(X) Inc. (Nasdaq:FNCX), formerly DraftDay Fantasy Sports
Inc. (Nasdaq:DDAY) has completed a transaction to rebrand itself as
it focuses efforts on its social publishing business. The change in
name reflects the company’s commitment to social publishing as it
evaluates the exciting fantasy sports business.
As previously announced, Function(X) is acquiring Rant Inc.,
which complements its existing Wetpaint publishing business and
immediately expands into sports, lifestyle, and entertainment
verticals. In their best months combined, Wetpaint and Rant have
received over 50 million monthly visitors to their properties. The
combined properties currently have approximately 15 million fans on
their Facebook pages and generate up to 300 million video views per
month. Wetpaint and Rant will have an editorial team of 30 writers
and will be able to draw upon content from more than 400
pre-screened writers.
Rant, Inc. is a leading digital publisher that publishes
original content in 13 different verticals, most notably in sports,
entertainment, pets, cars and food. Rant has delivered up to 11
monthly visits per visitor across its network, twice as much as
industry leaders Buzzfeed and Vox in some months. Adweek reported
that Rant’s flagship RantSports.com property was ranked #1 by
Quantcast for target digital ad buying for the 2015 holiday season,
indicating the power of reaching a targeted audience.
Wetpaint (Wetpaint.com) is the fastest growing entertainment
news destination for millennial women. Covering the latest in
television, music, and pop culture, Wetpaint reaches over 10
million entertainment enthusiasts on a monthly basis. Armed with
our proprietary and patented Social Distribution System
(algorithm), the Wetpaint editorial team publishes and socially
optimizes more than 60 pieces of content daily. With over 10
million followers on Facebook, Wetpaint shows up within social
feeds and drives traffic to the website.
About Function(X) Inc.
Function(X) operates Wetpaint.com, the leading online
destination for entertainment news for millennial women, covering
the latest in television, music, and pop culture. Function(X) Inc.
is also the largest shareholder of DraftDay Gaming Group, which is
well-positioned to become a significant player in the explosive
fantasy sports market, offering a high-quality daily fantasy sports
experience both directly to consumers and to businesses desiring
turnkey solutions to new revenue streams. Function(x) Inc. also
operates Choose Digital, a digital marketplace platform that allows
companies to incorporate digital content into existing rewards and
loyalty programs in support of marketing and sales initiatives.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated. All
information provided in this press release is as of the date of
this release. Except as required by law, Function(X) , Inc.
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20160613006005/en/
For Function(X) Inc.:Investors:Mitchell Nelson, Executive Vice
President, 212-231-0092orMedia Relations:Dian Griesel
InternationalLaura Radocaj, 212-825-3210lradocaj@dgicomm.com