25 May 2012

Media Corp loses on gambling.com sale

28/04/2011 Robert Tyerman

Online gambling and advertising outfit Media Corporation (MDC) has incurred a £1.1 million paper loss on selling its gambling.com domain for a disappointing £1.5 million.

The AIM-quoted company is understood to have been hoping to realise a sum closer to $10 million (£6.2 million) for gambling.com, which was in its books at £2.6 million, though chief executive officer Justin Drummond insists the deal still brings 'a significant boost' to Media Corp's year-end cash reserves of £2.2 million.

Analysts suggest the sale, through international domain market place Sedo, may have suffered, however unfairly, from adverse sentiment created by the recent indictments of the operators of major online poker sites, PokerStars, Full Tilt Poker and Absolute Poker, by the US Department of Justice, alleging fraud and money laundering. Acquisitive Media Corp, which lost a reduced £1.4 million last year on £24.2 million turnover, says it will use the cash it has received from the sale to pursue acquisitions.

Floated at 10p 11 years ago, Media Corp shares now languish at a low of 1.98p, valuing the company at £6.4 million. Avoid for now. 

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Tags: AIM market, Dedo, Justin Drummond, Online poker, US Department of Justice

Sector: Media

Companies: Media Corporation

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