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A music-streaming service whose shareholders include Simon Cowell, Kylie Minogue and Robbie Williams is racing to raise millions of pounds within weeks.
Sky News has learnt that ROXi has appointed Begbies Traynor Group, the professional services firm, to work alongside Rockefeller Capital Management on the hunt for new capital.
Founded in 2014, ROXi described itself as the world’s first ‘made-for-television’ service, allowing viewers to stream millions of songs and download hundreds of thousands of karaoke tracks.
It has drawn a star-studded list of investors, which also includes Alesha Dixon and U2 bassist Adam Clayton.
Three of the world’s biggest record labels – Sony Music, Universal Music Group and Warner Music – are also among ROXi’s shareholders.
Prominent figures from the business world including former Saracens owner Nigel Wray, the former McLaren boss Sir Ron Dennis and private equity tycoon Guy Hands have backed the company for some time.
In total, ROXi, which has a distribution deal in the UK with Sky, the immediate parent of Sky News, has raised £40m from its cast of investors.
It has repeatedly hinted that a stock market flotation is its long-term ambition.
It is said to have been in protracted discussions for months with a US-based broadcaster – thought to be Sinclair – and an American media company, about the sale of an equity stake, although a deal has yet to be signed.
Earlier this year, ROXi announced a partnership with Sinclair to launch a trio of interactive music channels on compatible devices.
“Our partnership with Sinclair will revolutionize what broadcast TV means for millions of households across the US,” ROXi chief executive Rob Lewis said in January.
“Viewers will get instant access to TV music channels that feature the interactivity and capabilities of a music app,…
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