XLMedia reveals talks to sell personal finance division as sports focus grows

XLMedia PLC (AIM:XLM, OTC:XLMDF) has said it is exploring the potential sale of its personal finance division as part of a restructuring that is already underway.

The media company, which is increasingly focused on sports and gaming content, said it is in talks with “a number of potentially interested parties”. It added there can be no certainty that any offer will be received, nor as to the terms on which any such offer may be made.

“These actions reflect the company’s decision to prioritise resource allocation to its core activities and remain focused on fully capturing the North America market opportunity in sports and gaming while also rebuilding its European sports and gaming operations to seek maximum value for shareholders,” the company said in a statement.

Half-year results last month showed North American Sports growing to 68% of revenue as operations spread to a total of 16 US states, with the sports vertical growing to 76% of the total as group turnover rose 38% to US$44.5mln.

The Gaming business was said to have stabilised, following a portfolio consolidation to focus on four main brands and seven in total.

Investors will be able to hear more on the US and European sports and gaming businesses from new chief executive David King, chief financial officer Caroline Ackroyd (who were both appointed this year) and other senior management at a capital markets day event on 1 February, which will also live-streamed and recorded for future viewing.