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Media Corporation

  • BY: Andrew Hore |
  • POSTED: 17/06/2011 |

Two directors of online advertising and gaming company Media Corporation have bought shares following yesterday’s announcement that the Eyeconomy online advertising business had won an exclusive site representation deal with Digital Sports Group.

The deal covers football.co.uk, cricket.co.uk, boxing.co.uk, footymad.net and other sports sites. They have 150m page impressions in total and the deal will double the size of Eyeconomy’s banner advertising network. The deal starts on 1 August.

Chief executive Justin Drummond has bought 500,000 shares at 1.515p each, taking his stake to 7.2%, and finance director Nilesh Jagatia bought 330,000 shares at the same price, taking his stake to 0.2%.

At 1.55p a share, Media Corp is valued at £5.01m. The shares have been drifting lower even though Media Corp has sold www.gambling.com for $2.5m (£1.5m) and www.sport.co.uk for £200,000 (£135,000 up front and £65,000 over 12 months) since the end of March 2011.

Eyeconomy will continue to sell advertising for www.sport.co.uk, whose book value was £135,000. 

Northland reckons that pro forma cash is more than £3m.

Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJune2011_21.pdf

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