LONDON, UK: XLMedia, a global digital media company, has announced the sale of some of its Personal Finance assets to MPD Media for $1.3 million in cash. The deal includes domains and websites such as Investor Junkie, Greedy Rates and Young and Thifty, which offer financial advice and reviews to consumers.
The sale is part of XLMedia’s strategy to exit non-core activities and focus on its Sports and Gaming business, especially in the North American and European markets. The company said the cash generated from the sale will be used for the day-to-day operations of the business.
The Personal Finance division reported a revenue of $1.9 million and an EBITDA loss of $1.3 million in 2022. The assets sold to MPD Media were excluded from continuing operations in XLMedia’s 2022 results and have no impact on earnings in the current financial year.
XLMedia said it is in advanced talks to sell the remaining Personal Finance assets, but there is no guarantee that a deal or deals will be completed.
XLMedia signs exclusive sports betting partnership deal with Newsweek