Media Corp.Puts Gambling.com on the Block

Published Thursday, November 25, 2010 - Online-Casinos.com

The UK’s Media Corp is seeking buyers for it’s Gambling.com domain name in order to fund other acquisition opportunities in the online advertising and gambling sectors. The shares for Media Corp rose substantially by 6.25 per cent on the London stock exchange after the announcement.
Gambling.com was established in 1997 becoming a leader in the distribution of online gambling information. The site works with a number of reputable casinos, poker sites and bingo rooms supplying the most up to date news and exclusive offers on the web today. Gambling.com is owned by Search Focus Ltd, based in Jersey, and is a wholly owned subsidiary of Media Corporation.
Media Corp, also operates the online gaming site Purple Lounge and advertising network Eyeconomy. A statement from the firm said that it has received a number of "very significant indicative offers" for gambling.com, leading the company to put the site up for sale through the well known domain marketplace Sedo.
Justin Drummond, the Chief Executive Officer of Media Corp. commented, "Whilst the Group has significant cash reserves, we have recently seen a number of exciting acquisition opportunities in the online gambling and online advertising space," adding, "The successful sale of gambling.com will give the Group significant financial resources to pursue these acquisition opportunities."
The company has a track record in buying potentially profitable domain names and then re-selling them for a profit after building rudimentary websites within them . The company sold Casino.co.uk for £3.62 ($5.7) million, recently. The firm is hoping for big money for the Gambling.com domain identification.
Media Corp has substantial assets with £2.2 ($3.46) million in liguid assets. The most recent posted annual gross profit of £6.3 ($9.91) million on £25.6 ($40.28) million income over last year, up significantly from the last report. The company’s strong annual growth was driven by its principal subsidiaries Purple Lounge and Eyeconomy.

 

 

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