XLMedia has sold some of its Personal Finance assets to MPD Media for a total cash consideration of $1.3m.
The sale is part of XLMedia’s strategy to exit non-core activities and focus on its sports and gaming business, particularly in the North American and European markets.
The deal includes domains and websites such as Investor Junkie, Greedy Rates, and Young and Thrifty, which are owned by XLMedia subsidiaries and provide financial advice and reviews to consumers.
XLMedia first announced its intention to sell its Personal Finance assets as part of a broader restructuring exercise in December of last year.
The unit generated $1.9m in revenue in 2022 but incurred an EBITDA loss of $1.3m.
The personal finance assets were already excluded from continuing operations in XLMedia’s 2022 results and do not impact earnings in the current financial year.
The cash generated from the sale will be used for the day-to-day operations of the business.
The affiliate firm stated that the process to sell the remaining Personal Finance assets is at an advanced stage, but it cautioned that there is no certainty the transaction will be completed.
Last week, the company disclosed that it expects a year-on-year revenue decline for H1 2023 due to a strong comparative period and reduced operator spend.