Audio sharing site Audioboo has announced plans to rename the company as Audioboom and will use the trading symbol BOOM on the London Stock Exchange.

London-based media services provider UBC owns 87m shares in the new company, worth £3.4m at the current share price, having invested £1.8m in Audioboo during its first three years of growth.

On the name change, Audioboo CEO Robert Proctor told RadioToday: “The major reason behind he name change is because we are now working with an ever increasing list of sports, entertainment and music companies and artists and whilst ‘Boo’ was quite a nice quirky name, as an adjective it just doesn’t work well for high profile companies, artists or sports stars…..phrases such as ‘boo me at….’ or ‘sense me all your boo’s’ is just too negative.”

Seperately, UBC will complete its reverse takeover of digital music company 7digital. A further announcement on this is expected later this month.