XLMedia will dispose of part of its personal finance affiliate sites, totalling $1.3m in cash consideration, by selling them to MPD Media.
This will include Investor Junkie, Greedy Rates and Young and Thrifty, which are domains and websites owned by XLMedia subsidiaries; XLMedia Publishing Limited and Webpals Systems SC Limited.
Any cash gained through the disposal will be re-entered into the company and be used for day-to-day operations.
Earlier this year, XLMedia discussed its strategy for 2023, which included focusing on the newly emerging US affiliate market.
To support this, the company stated that it must exit non-core activities, such as the aforementioned domains.
This will allow XLMedia to focus on its sports and gaming business in the EU and North American markets alike.
In its FY2022, the personal finance division generated a total revenue of $1.9m, with an EBITDA loss of $1.3m.
It also made several comments throughout its end-of-year financial reports that it intended to exit the personal finance sector during 2023, which was why the segment was classified as discontinued in the publications.
Once this sale is completed to MPD Media, XLMedia aims to sell any remaining personal finance assets, although it stresses that “there is no certainty that a transaction or transactions will complete.”
During an interview with Gambling Insider on the company’s ambitions in the US affiliate market, Kevin Duffey, the XLMedia President of North America, said: “So our view is that we believe in high-quality, highly engaged audiences on sports media properties and sports betting properties.
“And this, for us, is both owned and operated properties as well as media partners.
“Our goals are pretty simple, aligning more with the long-term goals of our partners for sustainability and for a long-term view on this business.”
