Affiliate XLMedia has announced it is disposing of pieces of its personal finance business, to focus on its sports and gaming business, including the websites: Investor Junkie, Greedy Rates and Young and Thrifty.
XLMedia, listed on the London Stock Exchange under the trading ticker XLM.L, said the disposal of its personal finance assets will generate $1.3m in cash, which will be funneled back into the corporation’s day-to-day business operations.
With its exit from the personal finance space, XLMedia intends to double down on its core sports and gaming business, specifically expanding its North American Sports footprint and refining and developing its EU Sports portfolio. XLMedia will also be developing other gaming assets in select markets, including in the US.
In the calendar year 2022, XLMedia’s Personal Finance division generated $1.9m in revenue, but registered an EBITDA loss of $1.3m. The personal finance assets were excluded from XLMedia’s continuing operations, as disclosed in the company’s year-end paperwork, and will have no impact on its earnings in the current fiscal year.
Much of XLMedia’s Personal Finance assets will be sold to MPD Media. The process for selling the remaining personal finance assets is “at an advanced stage," according to a spokesperson with the company; but it’s unclear when the final transaction or transactions will be completed.
