Sportradar is buying the North American operations of sports-focused content publisher XLMedia for up to $30 million, according to a disclosure by XLMedia Monday.
XLMedia is a U.K.-based content company focused on sports and wagering customers. In a notice to shareholders issued through the London Stock Exchange, where XLMedia is listed, the company said Sportradar will pay $20 million up front with up to another $10 million in performance payments due in April 2025. XLMedia shareholders will vote to approve the sale Nov. 7.
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XLMedia’s brands include college football-focused Saturday Down South and Saturday Tradition, gambling-themed Sports Betting Dime and Honey Monkey Pineapple, and Philadelphia and New York sports publications Crossing Broad and Elite Sports NY. In 2023, the North America businesses generated $27.5 million in revenue and adjusted EBITDA, a measure of profitability, of $5.5 million, according to XLMedia. The business makes its money from both traditional advertising as well as affiliate marketing, such as directing readers to bookmakers through hyperlinks inside stories.
Sportradar declined to comment, citing the fact the purchase and sale has yet to be approved by XLMedia shareholders.
Once the sale closes, it will mean the end of XLMedia, since the company previously sold off its European business in April to Gambling.com Group for $37.5 million plus a $5 million earn-out. XLMedia will then distribute its cash to shareholders and cease operations, according to the filing.
“The growth of its U.S. revenue streams did not match the Group’s original plans,” XLMedia explained in its notice to shareholders. “Due to the obligation to fund the historical U.S. acquisitions out of cash generated from trading, some of which occurred in a high-value market, the Group has been limited in its ability to participate in further acquisitions.”
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