XLMedia progresses transformation strategy with Finnish casino assets sale

XLMedia is selling the majority of its Finnish-facing online casino domains as part of a consolidation and transformation strategy.

The affiliate has instructed London-headquartered investment firm Akur Capital to begin a sale process, but gave no timescale for completion.

Proceeds from the sale will be used in tandem with existing profits to “expedite” further acquisitions and content development in regulated markets.

XLMedia CEO Stuart Sims highlighted the role of the firm’s transformation strategy in necessitating the sale of these domains and other business changes.

“We have already made significant progress with reshaping the organisation, reducing our cost base, strengthening the leadership team and building our core people skills and technological expertise,” said Sims.

“The sale of our Finnish-facing casino assets will reduce the reliance on unregulated markets and accelerate the delivery of our strategy, providing additional capital for the acquisition of attractive assets in regulated and high growth markets, such as the burgeoning US sports market,” he added.

XLMedia’s company-wide transformation strategy comprises of three goals: consolidating its publishing assets, investing in the US sports and personal finance markets and increasing its investments in regulated markets.

The operator last month hired former News International CTO Xen Lategan as an interim technology consultant to manage its portfolio of de-ranked sites.