What happened

Shares of digital media specialist LiveXLive Media (LIVX 1.10%) jumped on Thursday, rising as much as 19.2%. As of 2 p.m. EDT, however, the stock was up about 9%.

The tech stock's gain follows an announcement from the company saying it is producing and distributing a pay-per-view boxing and entertainment event in June.

A chart showing a stock price rising sharply.

Image source: Getty Images.

So what

Called "Social Gloves: Battle of the Platforms," the live boxing and entertainment event will feature social media stars from YouTube and TikTok. The main event will feature ACE Family founder Austin McBroom and TikTok star Bryce Hall. Other stars to be featured include Danny Duncan, DDG, Deji, FaZe Jarvis, Michael Le, Nate Wyatt, Tanner Fox, Tayler Holder and Vinnie Hacker.

The event will be produced by entertainment veteran and executive Paul Cazers.

Now what

The event is the "first in a series of major upcoming Social Gloves events planned in partnership with LiveXLive," the company said.

LiveXLive has significant momentum in live events, with 52 live-streamed in its most recent quarter, up from 10 in the year-ago period.