November 15th RNS - and look at M/C27 Dec 2018 12:22
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) today announced that it signed an agreement to sell in-app advertising platform Mobfox to Tightline Holdings Limited, part of the Teddy Sagi group, for a total consideration of $7.5M in cash.
Matomy can now fully concentrate efforts and resources on Team Internet activity. Team Internet is a global market leader in domain monetization with over 48 million parked domains. Having exhibited consistently strong performance and profitability since its inception, Team Internet earned over 8 million dollars in EBITDA in the first half of 2018 alone.
Today's transaction reflects a significant step in the execution of Matomy's strategy, under Liam Galin's leadership, to focus on activities with strong competitive advantage.
This sale will further reduce operational costs, significantly cut corporate overhead, raise profitability, and in turn, should create higher value for Matomy's stakeholders. These savings are expected to take effect following a short transition period and will be evident in Matomy's 2019 financial reports.