XLMedia Partially Sells Personal Finance Unit for $1.3M to MPD Media

After announcing its partnership with bet365 as part of a new revenue-share contract with the purpose of promoting responsible gambling on the North American market at the start of May, XLMedia is finishing the month with another big announcement. 

The global digital media company has partially sold its Personal Finance assets including various websites and domains such as Greedy Rates, Young and Thifty, and Investor Junkie. 

MPD Media has agreed to pay a total cash consideration set at $1.3 million in exchange for the platforms owned by XLMedia’s subsidiaries that offer financial tips and consumer reviews.

The sale is part of the company’s strategic plan of leaving its non-core activities behind and paying more attention to its sports and gaming-based business, with special emphasis on markets in Europe and North America. XLMedia initially verbalized its intentions of selling its Personal Finance assets in December 2022, when it spoke about its complex restructuring exercise.

The Personal Finance Unit ended last year with a revenue of $1.9 million while registering an Earnings Before Interest, Taxes, Depreciation, and Amortization EBITDA loss of $1.3 million.

XLMedia had already pulled the personal finance assets out of its ongoing operations from the results for the previous year, which means they will not be impacting the company’s earnings in the current financial year. The $1.3 generated from the newly announced sale is expected to be utilized to fuel all daily operations.

XLMedia’s Remaining Assets’ Sale Currently Pending

The affiliate company that operates across sports, gaming, and personal finance also announced that it was in the process of selling the remainder of its Personal Finance assets. The company explained the talks were at an advanced stage while also cautioning about the lack of certainty regarding the competition of the transaction.

Last week, the company whose brands are aimed at reaching passionate audiences while building strong relationships also announced it was expecting a decline in the YoY revenue for the first half of 2023. 

The drop was explained by chief executive officer David King through the tough comparative period with boosted revenue during the launch of New York’s online sports betting market at the head of 2022. 

Another argument for the decline was the lowered level of acquisition spend by operators triggered by the less appealing promotions meant to draw in fresh customers. 

Last October, Sportradar announced it signed a multi-year deal with XLMedia which saw the international sports data specialist turn into XLMedia’s official sports data provider.