Viggle Inc. (PINK: VGGL), the loyalty-program service in which customers can earn and redeem points for watching television, is no longer merging with mobile application firm GetGlue.
The cancellation was announced in a blog post on the GetGlue website.
New York-based GetGlue said even though it is "moving forward as an independent company,” it will “remain friendly” with Viggle.
The two companies announced a $73 million transaction in November. Viggle, a three-year-old startup, agreed to spend $25 million in cash and 48.3 million shares of stock for its competitor, a social network that allows users to check-in and interact while watching television.
Viggle, also based in New York, has about 3.2 million users, while GetGlue touts roughly 1.2 million.
Despite Viggle’s acquiring of Tippt Media Inc. and Project Oda Inc. in 2011, the company stalled in 2012 due to a loss of $96.5 million on revenues of $1.7 million in the fiscal year, which ended June 30, according to a 10-K filing with the U.S. Securities and Exchange Commission on Oct. 15.