Viggle Inc. to Be the New Name for Function(x) in Recognition of Growing Success of Its TV Loyalty Application

Function(x) Inc. (Pink Sheets: FNCX), founded by media and entertainment entrepreneur Robert F.X. Sillerman, announced today that it has renamed the company Viggle Inc. The Company also announced a reverse stock split.

Viggle has enjoyed great success since its launch on iOS devices in January. In anticipation of new features and expanded device compatibility, the Company is making the name change to make it simpler and more direct for Viggle members and others to easily identify the primary business of the Company with its publicly traded shares.

[The Company will trade under ticker symbol FNCXD. Subject to FINRA approval, the Company anticipates that it will change its stock symbol later this year and will publicly report such change when it becomes effective.]

The Company also announced today a reverse 1 for 2 stock split, effective June 7, 2012.

About Viggle℠

Viggle is a loyalty program for television that gives people real rewards for checking into the television shows they are watching. Currently available for Apple iPhone®, iPad® and iPod touch®, Viggle automatically identifies what television shows its users are watching and awards them points when they check-in. Viggle users can redeem their points in the app’s rewards catalogue for items such as movie tickets, music, gift cards or convert them into charitable donations. For more information, follow us on Twitter @Viggle or like us on Facebook.

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 June 7, 2012. 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.