Viggle is selling its assets to Perk.com, a mobile rewards platform, for $4.7 million in an all-stock transaction.
In its most recent fiscal first-quarter 2016 report, the company showed still weakening results. Viggle’s revenue dropped to $5.1 million from $6.5 million in fiscal first-quarter 2015. It has a net loss of $13.4 million versus $17.6 million.
Viggle’s main business rewards consumers with promotions for watching TV shows.
Viggle will rebrand itself as the DraftDay, a sports fantasy company. Viggle made a recent equity acquisition of DraftDay Gaming Group, now its largest shareholder with a 44% stake.
DraftDay has paid out over $30 million in prizes with player retention and brand loyalty. The company says it is different from other sports fantasy companies because of its focus on business-to-business deals.
The Viggle Platform had an average monthly total reach of 18.6 million for the three months ended Sept. 30, 2015, including nearly 10 million Viggle registered users.
Since its launch, Viggle members have redeemed nearly $29 million in rewards for watching TV programs and listening to music.
In early-day Monday trading, Viggle’s stock was up nearly 1% to $0.45.