XLMedia to offload Finnish-facing casino assets
Published 11th June 2020
XLMedia said the sale, which will be handled by Akur Capital, is in line with an ongoing strategy of refining its publishing portfolio and refocusing on regulated and high-potential markets. This focus, it explained, will ultimately deliver more sustainable and predictable growth for the business.
Should XLMedia complete the sale of the assets, any proceeds generated will be used to support the future acquisition and development of content-rich and engaging sites.
“The sale of Finnish-facing casino assets will reduce the reliance on unregulated markets and accelerate the delivery of our strategy, providing additional capital for the acquisition of attractive assets in regulated and high growth markets, such as the burgeoning US sports market,” XLMedia chief executive Stuart Simms said.
XLMedia set out a new three-part strategy in February, accelerating a number of planned initiatives in response to concerns over Google's changes to its search algorithm.
In January, XLMedia revealed the changes led to a “significant decrease in traffic” on certain sites, which it said in turn is likely to impact revenue. Google rolled out its new search algorithm update on 13 January.