INM Sells Minority Stake In Gaming Tech Provider Cashcade
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It might not yet have found a way to offload its burdensome Independent newspapers, but Independent News & Media’s quest to rid itself of €100 million worth of loss-making non-core investments and assets continues apace. The company announced Thursday morning it has sold its 18 percent stake in online gambling technology firm Cashcade to PartyGaming, for about €15.3 million (£13.2 million), after costs. The sale may provide INM with additional payouts if its meets unspecified earnings targets.
It’s part of a frantic drive to raise enough to pay off an outstanding €200 million bond—the deadline for which has been delayed, delayed again and this week week delayed again for another month beyond tomorrow’s deadline (via Guardian.co.uk). INM has already sold its stake in New Zealand search business Finda.co.nz and a 7.3 percent share of Indian newspaper publisher Jagran Prakashan—raising €22 million (£19 million)—but most of that money will go towards paying the working capital raised when the bond payment standstill was negotiated. Even with the proceeds from a proposed discounted rights issue, there could still some more selling to come.
SEE ALSO: Indie Publisher To Sell Some Loss-Making Businesses
Posted In: Media & Publishing, Newspapers, Money, Companies, Independent News & Media
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