Viggle, a Nasdaq-listed television loyalty service formerly known as Function(x), has agreed to buy GetGlue, a US-based social recommendation network for entertainment backed by media group Time Warner’s corporate venturing unit, for $85m.
The deal includes $25m in cash and 48.3 million Viggle shares, a company founded in 2010 by media entrepreneur Robert Sillerman.
In January, GetGlue closed a $12m funding round from investors including Time Warner Investments.
The round was led by Rho Ventures, the venture capital (VC) division of private equity firm Rho Capital Partners, with participation from VC firm RRE Ventures and VC fund Union Square Ventures.
Time Warner, RRE and Union Square are all returning investors, having participated in a $6m round for GetGlue’s parent company, AdaptiveBlue, in December 2010. AdaptiveBlue previously raised $4.5m from Union Square and VC firm Biltmore Ventures in October 2008, and $750,000 the year before.