Basically RANT on it's last capital raise @ $54 million valuation in 2014 put the money to work to see how much damage they could do. They blew the doors off with the $4 million and drove more traffic then Buzzfeed. Realizing what they had they shopped for a public suitor and found one in Sillerman who was working on a Social broadcasting company as well in FNCX (his is named Wetpaint) Wetpaint drive traffic with younger ladies and Rant is primarily sports.
I will post a data spread for Rant I had a big data Co do up for me, you can look at on the blog section of the lion
You can basically see the timeline and see where Rant traffic flatlined as they were doing the deal with FNCX. Obviously Sillerman wanted the debt conversion as the lowest possible price. Why $10-$15 a share when he could do it cheaper. Initially in the summer he did the conversion proposal at $5.60 but with a rider that based on the trading value of the stock it could be priced as low as $2. Well geeee golly guess what? The stock was continually hammered. Then the re-price came in at $2.34.
Part of the condition of the Rant purchase was that Sillerman would convert his debt to equity, Rant boys is sharp.