XLMedia CEO to be made redundant as affiliate prepares for liquidation process
Company confirms CEO David King will leave in June 2025, along with three other board members, following the sale of its assets to Gambling.com Group and Sportradar earlier this year
XLMedia has announced several board changes that will come into effect in Q2 2025 as the affiliate prepares to shutter its business following the sale of majority of its assets.
The company has outlined that a return of capital will take place in the opening exchanges of next year, before another return of capital will be made in June 2025.
XLMedia shares will be suspended from AIM trading on 13 May, marking six months since its North American assets were sold to Sportradar for $30m (£23.2m) in November.
That transaction came seven months after XLMedia opted to sell its Europe and Canada-facing brands to Gambling.com Group, a deal that could pocket the company a further $7.5m in April 2025, on top of the initial $37.5m fee.
As outlined by the firm’s update, it is expected that those currently on the board will remain in their respective roles until 30 June 2025 to oversee the return of capital to shareholders, as well as prepare XLMedia for the liquidation process.
CEO David King will be made redundant as a result of the asset sales. He will work notice period before departing the company on 30 June next year.
Independent non-executive chair Marcus Rich, senior independent director Julie Markey and co-founder and non-executive director Ory Weihs will also all step down from the board on the same date.
XLMedia’s company secretary and general counsel Peter McCall will join the board during January.
McCall will become a member of the board on a reduced time basis, tasked with overseeing XLMedia’s winding down process.
A further announcement clarifying McCall’s new role will be made in due course, XLMedia added.
Cédric Boireau’s status as a non-executive director is expected to remain the same during this period.
Rich said: “The board wishes to ensure the group’s operations are brought to an orderly close.
“As such, the directors will stay on to work their notice periods with a view to maximising the cash return to shareholders, and in due course to oversee the start of the process to efficiently wind down the group.”
Earlier this month, the company revealed it anticipates maximum redundancy payments of $13m as it confirmed its position as a cash shell company.