Cryptologic Buys Media Corp. Casino.co.uk and Related Assets

Cryptologic reports this week that they have acquired Media Corp,'s well-known gaming portal Casino.co.uk. Also included in the Cryptologic-Media Corp deal are related online casino and poker room assets. The deal requires Dublin, Ireland based Cryptologic to pay Media Corp. £3 million in cash up front and £625 thousand after six months subject to the attainment of performance targets. Casino.co.uk posted gross profits of £620 thousand in the first three quarters of 2006.

 

Cryptologic, a uk online poker and games developer and turnkey supplier, signed the acquisition agreement through its subsidiary Gaming Portals Limited (GPL). The company says that GPL will continue with the existing services and offer a high quality gaming portal with exceptional opportunities for advertising for current and prospective clients.

 

Media Corp., an internet advertising group, says that the reason for selling the Casino.co.uk business is the company's need to focus on their online advertising businesses, market diversification and to develop its gaming portal Gambling.com further. Jason Drummond, Media Corp. Chief Executive, states that the sale was part of the company's overall strategy. The cash gained from the sale, in addition to their current £4 million cash balance puts Media Corp in an excellent position to diversify their portfolio and maintain and further develop their current businesses.