So the long saga of UK’s 365 Media (and Rivals Digital Media which it acquired in 2004) is finally over…no, really, it is. BSkyB is in the process of buying the online sports and gambling firm for about $187 million, reports Guardian. The group runs popular sports sites such as Football365.com, Cricket365, Planet Rugby, Rivals.net, Sportinglife.com and Teamtalk.com, all of which have legs in the online gambling business too. Until October 2006, the company was known as Ukbetting plc.
BSkyB hopes the acquisition will complement its online sports presence and betting business…Sky Bet betting and gaming business, which allows users to place sports bets and play casino-style games via TV, telephone and the internet, took GBP 341 million in bets, and GBP 37 million ($72 million) in net revenues last year, up 16% year on year.
The sites owned by 365 Media have more than 9 million monthly users and would provide BSkyB with over 60,000 additional betting and gaming customers, the company said. 365 is listed on London’s AIM market, and the offering price is 68 pence in cash for each 365 Media share, and represents a premium of about 23 percent to the closing price of 55.5 pence for each share on Oct. 4 2006, the last dealing day prior to the commencement of the offer period, the companies said.
Updated: FT: Eric Semel, outgoing CEO of 365 Media and son of Terry Semel, the Yahoo CEO, will collect £8.3m from the deal. Peter Dubens, 365 Media
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