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Media entrepreneur Robert Sillerman has another idea.
The 64-year-old chairman and founder of Viggle, the money-losing New York company that rewards subscribers who “check into” TV shows, said yesterday the company would buy rival GetGlue for $84 million in cash and stock.
News of the deal sent Viggle shares soaring 58 percent, to $1.75 — after having tumbled from a 2012 high of $17.80 as the company posted a loss of $96.5 million in the first half of the year on sales of just $1.7 million.
Sillerman used to own entertainment conglomerate CKX, whose assets included the majority rights to Elvis Presley’s Graceland estate and Simon Fuller’s 19 Entertainment, which owned “American Idol.”
He launched Viggle nearly two years ago with the idea of making it a global TV rewards-based brand, and hopes the deal will push the combined unit into the black.
Just a month ago, an audit by BDO, citing the oceans of red ink spilling from Viggle’s balance sheet, raised substantial doubt about the company’s ability to continue operating.
Sillerman remains resolved.
“You’ll notice [in a filing today] that I’m the majority shareholder of Viggle and that I provided $12 million in financing,” he told The Post.
Sillerman said he was confident he will be able to raise the financing to close the deal.
Viggle could be profitable. he said, if it reaches 5 million registered users. The two companies combined have around 4 million registered users.
The GetGlue deal includes $25 million cash, plus 48 million Viggle shares.
The two brands, which operate in the growing second-screen sector — which holds that more and more TV viewers view social media while watching TV — will continue to operate.
“Viggle will become a loyalty currency for entertainment,” said Sillerman, adding that he has plans for Viggle points that can be earned in radio, music and video games.