Bragg to sell online media division to SN&CK
Toronto-listed supplier Bragg Gaming Group has agreed to sell its online media division, including its GiveMeSport news portal, to SN&CK Media Limited (SML) after completing a strategic review of its business.
Under the deal, Bragg will receive a total consideration of up to £400,000 (€454,013/$496,427). This will comprise an upfront cash payment of £50,000 upon completion, in addition to 10% of the gross revenue from the division for a period of 21 months after the sale.
Bragg launched a strategic review of its online media arm in August of last year, with a view to selling off the unit, which also includes GiveMeBet, to focus on its B2B operations. Bragg entered the B2B space through the acquisition of igaming content aggregator Oryx Gaming.
The board of directors at Bragg has approved the sale of the business and subject to customary conditions of closing, Bragg expects the deal to be completed early this month.
“The completion of the strategic review process and the execution of the agreement for the sale of Bragg’s online media division to SML will allow us to focus our efforts and resources on Oryx, our B2B business, which is growing at an exponential rate,” Bragg chief executive Dominic Mansour said.
“Given the current environment and the significant jump in virtual and digital activities, we have seen demand for Oryx’s online gaming and gambling services increase over the past few months.
“We have made significant strides over the past year in enhancing our platform and building this asset, and we will now be able to further streamline our activities and reduce our cash burn.”
Established in 2007, SML is an independent sports digital media company with over 30 million sports fans, specialising in multi-channel content creation, distributed through data-driven engagement strategies.
SML chief executive Niall Coen added: “This acquisition is highly synergistic and brings our audience size to the next level. With this acquisition, SML will become one of the largest sports media web platforms in the UK and largest globally on Facebook.
“Both Bragg and SML have long-standing relationships with quality partners that we will be able to mutually leverage in order to grow at an exponential pace. We are excited about combining the two businesses and expanding our platform to take advantage of its 25 million Facebook followers and the great work done by the GMS team.”