XLMedia conditionally agreed to sell its North America business to Swiss sports data and analytics company Sportradar for up to $30 million in cash.
The London-listed digital media company said Monday that following the deal’s completion, which is expected shortly after its general meeting on Nov. 7, it will become a cash shell entity focused on distributing the proceeds from the North America and previously announced Europe and Canada asset disposals. Together, these generated $72.5 million in cash before costs and liabilities.
“While it was confident that the U.S. market would provide long term success for a larger organization, the board believes XLMedia’s current scale on a standalone basis could impact its ability to compete in the evolving U.S. market,” it said.
