6th Feb 2024 12:22
(Alliance News) - XLMedia PLC on Tuesday said it secured a commerical partnership with Star Tribune Media Co, a news organisation based in the US Upper Midwest region.
Shares in XLMedia surged 10% to 7.00 pence each in London on Tuesday afternoon.
The London-based global digital media company said it will be the exclusive provider of sports betting commercial content for Star Tribune, which attracts more than seven million unique monthly digital users.
No financial details were provided.
"This strategic partnership is another major win for XLMedia's media partnership business as it expands the company's reach in Minnesota and neighbouring states with a highly esteemed partner which is widely recognised for its journalism excellence. While there is no certainty around the timing of Minnesota approving regulated online sports betting, the state is ranked in the top five for Daily Fantasy Sports usage and has a sizable sports audience indicating a potentially robust market when the time arrives," XL Media said.
"The partnership allows Star Tribune to tap into advanced revenue streams from Daily Fantasy Sports in Minnesota, as well as sports betting in Midwest legaliSed states such as Ohio, Iowa and Illinois. XLMedia will leverage its industry-leading media partnership model to create high-quality commercial content, manage commercial deals with regulated sportsbook operators, and implement proven monetization strategies."
By Greg Rosenvinge, Alliance News senior reporter
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