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Shares of Digitalbox PLC (LON: DBOX) today surged 18% after the company announced that it had acquired The Tab, a British student publisher, for £750,000.

The company plans to incorporate Tab Media into its portfolio of digital properties including the Daily Mash and Entertainment Daily.

The firm will pay for the acquisition using funds raised from the £1.2 million raised via a direct subscription by Downing Strategic Micro-Cap Investment Trust, which bought shares at 4.9p apiece.

Tab Media runs a website with a national reach and has 32 smaller sites focused on specific UK universities.

James Carter, Digitalbox’s CEO said: “The Tab provides a really exciting addition to our portfolio. As well as providing insights into youth and student culture, it is an important training ground for journalists.”

Adding:

“Since we acquired The Daily Mash in 2019, we have grown traffic and revenue whilst allowing the editorial team to get on with what they do best, and we aim to do the same with the Tab.”

Digitalbox plans to use its technology platform to drive traffic to Tab Media’s websites.

Digitalbox share price

Tradingview chart of Digitalbox share price 01102020

Digitalbox shares today surged 18% to trade at 5.80p following the announcement.

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