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MediaCorp's Sale of casino.co.uk Delivers Financial Clout for Organic Growth, Strategic Acquisitions
London (PRWEB) August 30, 2007 -- The sale of its successful casino.co.uk website has reignited interest in Media Corporation plc as it share price has grown by a third in the past week.
Chief Executive Justin Drummond said: "The sale has been the final and a key step in our strategy of firmly positioning MediaCorp as new media advertising and publishing house.
"I believe the market has digested the sale, recognised its significance and we are now seeing that reflected in the share price growth, which is all the more significant given the current volatility in financial markets."
London Stock Exchange AIM-market listed MediaCorp's market capitalisation is now approaching £11.5m.
The sale late last week of casino.co.uk for £3.625m in cash completes the London-based group's transformation and enables management to focus on core businesses and extracting synergies, Mr Drummond said.
The funds from the sale increase MediaCorp's cash reserves to £7m, giving it the resources to support planned organic growth and to be alert to opportunities to add to its portfolio of online assets with stragetic acquisitions, he said.
Mr Drummond, and group chairman Jason Drummond, agreed to two-year restrictive covenants as part of the sale. However, its market-leading gambling.com business is specifically excluded from these restrictions.
"Now we have completed this deal, we are free to further develop gambling.com, which is already the market leading vertical search portal, information and advertising vehicle for everything anyone wants to know about gambling.
"But to rest on your laurels or stand still in the online market, which moves so fast, is a recipe for failure
"We will be progressively implementing plans to grow this site into one of the largest sports results and gambling information sites on the Internet by year's end. We are focussing very keenly on content, usability and value to visitor."
The sale confirms the streamlined structure of MediaCorp into two divisions: Website Publishing and Eyeconomy, spcialising in online advertising, which has a reach of 30 million unique consumers each month.
Online publishing includes a set of websites that each are leaders in their markets. It includes gambling.com, creditcardexpert.co.uk, onthebox.com, flightcomparison.co.uk, ukhdtv.com
"At a corporate level, we will also be concentrating on maximising the synergies available from our complimentary business activities," Mr Drummond said.
For further information please contact:
Media Corporation plc
Justin Drummond, Chief Executive
+44 (0)20 7618 9000
Buchanan Communications
Charles Ryland/Suzanne Brocks/Susanna Gale
+44 (0)20 7466 5000
Canaccord Adams Limited
Mark Ashurst, Managing Director
+44 (0)20 7050 6500
Notes to editors:
Listed on the AIM market of the London Stock Exchange, Media Corp, is a leading internet media and advertising group focused on website publishing and online advertising.
The Group has two divisions:
Website Publishing - Media Corp has a diverse publishing division specialising in online media. Our impressive portfolio of websites includes a number of market leading sites Including gambling.com, creditcardexpert.co.uk, onthebox.com, flightcomparison.co.uk
Online Advertising - Formed in 1996, Eyeconomy specialises in mass reach campaigns to over 30 million unique consumers a month via its own proprietary ad-serving and tracking technology for clients including AOL, Dell and American Express. www.eyeconomy.co.uk
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