(Sharecast News) - Digital media firm XLMedia has struck a commercial partnership with Star Tribune Media, the largest US upper midwest news organisation.
As part of the partnership, XLMedia will be the exclusive provider of sports betting commercial content for Star Tribune, which attracts more than 7.0m unique monthly digital users.
XLMedia said the strategic partnership was "another major win" for its media partnership business as it expands the company's reach in Minnesota and neighbouring states. While it noted there was "no certainty around the timing" of Minnesota approving regulated online sports betting, XL pointed out that the state was ranked in the top five for Daily Fantasy Sports usage and has a "sizaeble sports audience".
The AIM-listed group also said the partnership allows Star Tribune to tap into advanced revenue streams from Daily Fantasy Sports in Minnesota, as well as sports betting in Midwest legalised states such as Ohio, Iowa and Illinois.
Chief executive David King said: "We are very pleased to partner with Star Tribune, an esteemed and highly respected media organization based in the US Midwest. In line with our strategy, this deal positions us well to continue to build on our MPB success and drive revenue in a key region of the US."
As of 1030 GMT, XLMedia shares were up 10.24% at 7.0p.
Reporting by Iain Gilbert at Sharecast.com
Xlmedia (XLM)