XLMedia struck a tentative deal to sell its remaining assets, which were previously part of their Sportradar subsidiary, for $30 million. The agreement hinges on shareholder approval at a meeting scheduled for November 7th.
Here’s the breakdown:
- Upfront payment: XLMedia pockets $20 million right away.
- Performance bonus: An additional $10 million could be awarded by April 2025, based on how the business performs.
This follows the earlier sale of XLMedia’s European and Canadian assets to Gambling.com Group.
Initially, XLMedia planned to concentrate all efforts on the US market after the European sale. However, things didn’t go according to plan. In a statement, a company representative acknowledged that this strategy fell short of management and investor expectations. As a result, selling the remaining assets emerged as the preferred course of action.
This move marks the effective end of XLMedia, once a major player in the affiliate marketing world. The company will delist from the London Stock Exchange in May 2025 upon receiving all outstanding payments (totaling roughly $72.5 million for all assets sold this year). Following that, full liquidation will commence.
