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(Sharecast News) - Ascential has sold its MediaLink division in a $125m cash deal, the FTSE 250 firm announced on Thursday.
MediaLink, a US-based consultancy to the media and marketing sectors, has been sold to United Talent Agency, a US entertainment and sports group. Last year MediaLink generated revenues of $44.2m and adjusted earnings of $10.1m, and its gross assets as at 30 June 2021 were $80.6m.
MediaLink founder Michael Kassan will join UTA - one of the world's biggest talent agencies - as partner. He will also continue in his role as chief executive.
The sale is part of Ascential's long-term strategy, under which it is refocusing investment on areas of the business that have "strong recurring, data-driven revenue characteristics", it said.
Duncan Painter, chief executive, added: "MediaLink has found an excellent home in UTA that will leverage its uniquely talented team while further developing its specialist advisory services in the media and marketing ecosystem.
"For Ascential, this transaction will enable accelerated investment in data driven, subscription revenue streams while also continuing to simplify the focus of the group overall."
UTA chief executive Jeremy Zimmer said: "I know UTA will benefit from [the MediaLink team's] insights, relationships and expertise. This acquisition is a clear signal that UTA sees its work at the intersection of entertainment, brands and marketing as a core pillar of the future growth opportunities we are able to provide for our clients."
Founded in 2003, MediaLink was acquired by Ascential in 2017 for an initial cash consideration of $69m.
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