Cliq Digital Offers Shareholders an Exit as Revenue Plunges by Two-Thirds

Streaming firm Cliq Digital offers shareholders €3.85 per share to tender 51% of stock amid dramatic revenue decline, potential full delisting looms.

The streaming company Cliq Digital is engineering a rapid retreat from public markets, offering shareholders €3.85 per share to tender up to 51% of the stock. The move comes as the business shrinks dramatically: revenue is forecast to fall to €40-60 million this year, down from €132 million a year earlier, and the company has slashed marketing spend from €28 million to a maximum of €15 million.

That operational weakness forms the backdrop to a series of structural changes that began in March, when Cliq Digital downgraded its listing from the Scale segment to the Basic Board of the Frankfurt Stock Exchange. The switch sharply reduced its transparency obligations. Management cited cost and administrative burdens as the reason, noting that resources tied to segment requirements would be freed up. The lower regulatory hurdle also sidesteps potential stricter delisting rules that could apply to Scale.

The capital restructuring gathered pace in April. An extraordinary general meeting approved a capital reduction by cancelling up to 2,987,012 shares – equivalent to roughly 51% of the company’s share capital – with 94.99% of votes cast in favour. The accompanying public tender offer, launched on May 8, gives existing holders until June 15, 2026 to sell at €3.85 apiece. The programme is capped at around €11.5 million.

Major shareholder Dylan Media has declined to participate, leaving the offer effectively open to minority investors. Dylan Media has also pushed the board to seriously evaluate a full delisting after the buyback concludes. The company says it will decide on that step once the tender process is complete, meaning the current offer may be the last chance for shareholders to exit via a liquid market.

If more shares are tendered than the maximum, Cliq Digital will allocate repurchases on a pro-rata basis. All bought-back stock will be cancelled, reducing the total number of shares in circulation and concentrating ownership further. For those who choose to hold, the trade-off is clear: they will remain invested in a much smaller, privately oriented entity with no guarantee of continued public trading.

Earnings are equally squeezed. EBITDA for this year is expected to land between zero and €5 million, and the company has not signalled a near-term turnaround. The cut in customer-acquisition spending, while supportive of cash flow, also limits the potential for a swift revenue rebound.

Shareholders now face a binary decision: tender at the offered price and exit, or retain stock that could soon lose its exchange listing entirely. The outcome of the buyback, and the subsequent delisting review, will determine whether Cliq Digital vanishes from the public markets for good.