Advertising network and online gaming group Media Corporation has announced the acquisition of Intabet, a new online betting platform, for £1.53m.
Phil Jackson and Adam Fraser-Harris, part of the management team of Intabet, have agreed to join the board of Media Corp with immediate effect as non-executive chairman and interim CEO respectively. With the announcement of the acquisition, Justin Drummond, chairman, and Sara Vincent, interim CEO, have resigned from the board with immediate effect and have left the group to pursue other interests.
In addition, the company, which recently announced the temporary suspension of its gaming site Purple Lounge, has entered into a loan agreement to draw down up to £750,000 to provide working capital for the enlarged group.
