Media Corporation confirms the disposal of Intabet
Digital advertising network and online gaming group Media Corporation has confirmed it is to scrap its Intabet online gaming platform following an internal review of the company’s operations and prospects.
The firm cited “increasing technology, hosting and operating charges” and the “inability of the company to obtain an appropriate gaming licence in its own right” as key factors in its decision.
Directors singled out Intabet as a “drain” on Media Corp’s resources and said that they would be unable to sustain it in the absence of “meaningful revenues or investment”.
The move will mean that Media Corp is no longer in a position to deliver Intacorp to UK subscription television provider Box Nation, despite the two parties having agreed a deal earlier this year. Media Corp’s football-based skill games website GoalMillions.com will continue to operate under licence through Vamagaming, but with little promotional budget.
Media Corp will now become an investing company under rule 15 of the Alternative Investment Market Rules for Companies. This means it must adopt an investing policy, which will be subject to shareholder approval at a general meeting. Following adoption, it is likely the firm will dispose of its interest in Intabet and its associated intellectual property.
A number of parties have already approached the company with proposals for Media Corp that may present better options for shareholders – with one proposal suggesting new director and strategic investment. Current directors believe the business is no longer viable in its presence form without material investment.