0000725876-16-000198.txt : 20161220 0000725876-16-000198.hdr.sgml : 20161220 20161220092430 ACCESSION NUMBER: 0000725876-16-000198 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20161220 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161220 DATE AS OF CHANGE: 20161220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Function(x) Inc. CENTRAL INDEX KEY: 0000725876 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 330637631 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35620 FILM NUMBER: 162060415 BUSINESS ADDRESS: STREET 1: 902 BROADWAY STREET 2: 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-231-0092 MAIL ADDRESS: STREET 1: 902 BROADWAY STREET 2: 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: DraftDay Fantasy Sports, Inc. DATE OF NAME CHANGE: 20160208 FORMER COMPANY: FORMER CONFORMED NAME: Viggle Inc. DATE OF NAME CHANGE: 20120607 FORMER COMPANY: FORMER CONFORMED NAME: FUNCTION (X) INC. DATE OF NAME CHANGE: 20110216 8-K 1 form8-k12x19x2016.htm 8-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported: December 15, 2016

Function(x) Inc.
(Exact name of Registrant as Specified in its Charter)
 
Delaware
0-13803
33-0637631
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

902 Broadway, 11th Floor
New York, New York
(Address of principal executive offices)
 

10010 
(Zip Code)
 
(212) 231-0092
(Registrant’s Telephone Number, including Area Code)
 

(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2 below):
 
o             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
 
o              Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
 
o             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17  CFR 240.14d-2(b)).
 
o             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

As previously disclosed by Function(x) Inc. (the “Company”) in a Form 8-K filed on June 12, 2015, Sillerman Investment Company IV, LLC (“SIC IV”), an affiliate of Robert F.X. Sillerman, our Executive Chairman and Chief Executive Officer of the Company, agreed to provide a Line of Credit to the Company (the “Line of Credit”).

On December 15, 2016, the Company borrowed an additional $550,000 under the Line of Credit. The principal amount now outstanding under the Line of Credit is $2,964,586 and the Company is entitled to draw up to an additional $2,035,414 under the Line of Credit.


Item 8.01. Other Events.

On December 20, 2016, the “Company”) issued a press release relating to its subsidiary, DraftDay Gaming Group, Inc., developing daily fantasy sports contests for cricket in Australia.


Item 9.01    Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit No.
 
Description
99.1
 
Press release issued December 20, 2016


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
 
FUNCTION(X) INC.
 
 
 
Date: December 20, 2016
By:
/s/ Mitchell J. Nelson
 
Name:  Mitchell J. Nelson
 
Title:   Executive Vice President
 


 EX-99.1 2 draftdaypressrelease-dsrev.htm EXHIBIT 99.1 Exhibit

DraftDay Gaming Group collaborating with Draftstars to create Draftstars daily fantasy sports contests for Australian Big Bash League Cricket
DraftDay Gaming Group (“DDGG”), a majority owned subsidiary of Function(x), Inc. (NASDAQ: FNCX), has been engaged by Draftstars, one of the leading providers of daily fantasy sports contests in Australia to develop daily fantasy sports contests for cricket in Australia.
Under its agreement with Draftstars, DraftDay Gaming Group has developed for Draftstars daily fantasy sports contests for the Australian Big Bash League (the professional Twenty20 cricket league). The games will be available on Draftstars’ daily fantasy sports platform in Australia.
The Twenty20 Cricket format is currently used in both international and domestic competition, with over 20 different countries competing in the format internationally, and 12 domestic leagues across the globe. This development will provide DDGG the opportunity to expand into the world of Cricket outside of Australia, leveraging its international partners’ user base to introduce Cricket’s large fan base to the exciting realm of daily fantasy sports.
“We are very excited about our entry into the Cricket market, as this sport has tremendous reach on a global scale.” said Robert FX Sillerman, Executive Chairman and CEO of Function (x), “With both the Indian Premier League and Australia’s Big Bash League represented in the Top 10 leagues as measured by average attendance, we believe that this is an excellent opportunity to introduce fantasy sports to the largely untapped market of Cricket fans.”
About DraftDay
DraftDay Fantasy Sports, Inc. offers a high quality daily fantasy sports experience directly to consumers and to businesses desiring turnkey solutions to new revenue streams. DraftDay, with their unique and proprietary technology, is well-positioned to become a significant player in the explosive fantasy sports market.
About Function(x)    
In addition to being majority owner of DDGG, Function(x) operates Wetpaint.com and Rant. Wetpaint is the leading online destination for entertainment news for millennial women, covering the latest in television, music, and pop culture. Rant is a leading digital publisher with original content in multiple different verticals, most notably in sports, entertainment, and pets. Function(x) Inc. also owns Choose Digital, a digital


marketplace platform that allows companies to incorporate digital content into existing rewards and loyalty programs in support of marketing and sales initiatives. For more information, visit www.functionxinc.com.
About Draftstars    
Founded in 2016 and based in Melbourne, Draftstars is a joint venture between CrownBet, Fox Sports and Seven West Media, and is the Official Daily Fantasy Sports Partner of the AFL.
Forward-Looking Statements 
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. All information provided in this press release is as of the date of this release. Except as required by law, Function(x), Inc. undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. 
Contact: 
For Function(x):
Investors:
Michael Seeley, 212-231-0092
Director, Financial Planning & Analysis
mseeley@functionxinc .com