Affiliate marketing services provider XLMedia has completed the acquisition of sports gaming and sports betting business CBWG Sports.
XLMedia will pay an initial $12.0m (£9.0m/€9.9m) in cash and issue 7,954,546 new shares – at an aggregate value of $3.5m – to take ownership of CBWG.
The deal also includes a potential future contingent consideration of up to $9.5m, based on net revenue performance of the acquired business, payable over three years to the end of 2023.
Founded earlier this year through the combination of CB Sports and Warwick Gaming, CBWG is a digital media publishing group focused on professional and college sports, sports gaming and sports betting.
CBWG is registered as a sports gaming affiliate in six states, including New Jersey and Pennsylvania, and owns and operates sports and gaming assets including CrossingBroad.com, PASportsBooks.com, BetNewJersey.com, EliteSportsNY.com, PromoCodeKings.com and ActionRush.com.
