XLMedia says CEO David King will be made redundant and the company’s shares will cease trading in May following the sale of its North American assets.
The US$30m acquisition by Sportradar in October meant XLMedia had sold materially all of its assets.
In an update on Monday, XLMedia said it will now begin preparations for the subsequent liquidation process.
CEO King will be made redundant on June 30, 2025, while Marcus Rich, independent non-executive chair), Julie Markey (senior independent director) and Ory Weihs will also leave on that date.
XLMedia’s shares will cease trading on the AIM, a sub-market of the London Stock Exchange, on May 13 – six months after the sale of the North American assets.
Peter McCall, currently the group's company secretary and general counsel, will join the board during January 2025, “following completion of requisite due diligence procedures,” XLMedia said.
“Peter will work on a reduced time basis to oversee the group in the period to and beyond June 2025, and it is envisaged that Cédric Boireau will continue in his role as a non-executive director during this period.”
