Poker Channel Selling out for $25 Million
Posted on April 9, 2010 by John Trevors for Luckyroom.com
Gaming Media Group (GMG), holding the rights of use of Poker Channel and internet poker room Poker Heaven has recently commissioned consultants of Cavendish Corporate Finance to explore strategic options for the company. The initiation of a possible sale of the Poker Channel has started so hotly debated in the corridors of the company following the approach of several prospective buyers who seem willing to spend quite a considerable amount to gain control of the company. Since then, of course, the Poker Channel was formed back in 2005 and since then has grown significantly coming in a position today to be providing popular programs including branded poker shows, interviews with famous players, cash games, coverage of online events, daily news and updates in addition to live coverage of international events.
Poker Heaven which is directly related to Poker Channel is currently now regarded as one of the most widely recognized online poker rooms in Europe as the current year is projected to generate revenues of £ 11.3 million and earnings exceeding £ 1.5 million. It is noteworthy that sources indicate that Poker Channel is expected to yield profits of £349,000 to a total turnover reaching £1.5 million. A wide range of companies is rumored as potential buyers including US facing online poker Full Tilt Poker, Gibraltar based 888 Holdings and European facing PartyGaming. Bidders also includ major television networks and some more traditional gambling companies including Ladbrokes and Paddy Power.
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