30th Apr 2008 07:00
Media Corporation plc ("Media Corp" or the "Group") (AIM: MDC) Update on the Earn-out on the sale of Casino.co.uk The Board of Media Corp is pleased to announce that following the sale ofcasino.co.uk in August 2007, the Group has exceeded the pre-agreed performancetargets as per the Asset Purchase Agreement with Gaming Portals Limited and willreceive a further £625,000 as part of the deferred consideration of the sale. Justin Drummond, CEO of Media Corp. commented: "Part of the sale obligation was to run the portal with the new vendor for aperiod of six months post disposal and I am pleased to announce that we haveexceeded the pre-agreed revenue target by a significant margin. The highly experienced team that managed Casino.co.uk will be focused ondeveloping the Group's non-gaming related portal assets in the coming months. With the Group's existing significant cash resources, this deferredconsideration will help strengthen the objective of expanding our internet andonline advertising businesses further". For further information please contact: Media Corporation plcJustin Drummond, Chief ExecutiveNilesh Jagatia, Group Finance Director+44 (0)20 7618 9000 Buchanan CommunicationsCharles Ryland/Suzanne Brocks/Susanna Gale+44 (0)20 7466 5000 Canaccord Adams LimitedMark Williams, Managing Director+44 (0)20 7050 6500 Notes to editors: Listed on the AIM market of the London Stock Exchange, Media Corp is a leadinginternet media and advertising group focused on website publishing and onlineadvertising. www.mediacorpplc.com The Group has two principal divisions: Internet Publishing - Media Corp has a diverse publishing division specialisingin online media. Our impressive portfolio of websites includes a number ofmarket leading sites including www.gambling.com, www.onthebox.comwww.sport.co.uk, www.creditcardexpert.co.uk and www.flightcomparison.co.uk. Online Advertising - Eyeconomy is a leading internet advertising network andsolutions provider, creating new and innovative media space, and generating realresults through considerate on-line placements. www.eyeconomy.co.uk Copyright Business Wire 2008Related Shares:
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