- Podcast company Audioboom agreed a new content funding facility with SPV Investments that would allow the company to sign and renew podcast talent without tying up working capital.

The SPV, a special purpose vehicle, established and owned equally by Michael Tobin, the company's Chairman, and Candy Ventures, the company's largest shareholder, would provide guarantees of up to US$4m in aggregate, to secure the minimum guaranteed advertising revenue share payable to certain leading existing content partners when these contracts are being renewed, the company said.

In return, Audioboom would pay the SPV 8% of the net advertising revenue received from podcasts for which the guarantee had been provided.

The use of third-party guarantees remained very much an exception when negotiating terms with content partners and the guarantees from the SPV would be used only to secure leading, high profile, high revenue producing podcasts, the company added.

The first use of the SPV would be for a guarantee of US$1m in relation to the renewal of one of Audioboom's most popular entertainment podcasts. 'Audioboom has renewed an exclusive sales and distribution contract with this show for 18 months with the opportunity to work with the content partner on further podcast projects together,' the company said.

At 8:42am: [LON:BOOM] Audioboom Group share price was +0.05p at 2p

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