Poker Heaven and Poker Channel for sale?

04/04/2010

The Poker Heaven and Poker Channel interests of UK online gambling company Gaming Media Group could be up for sale, opines the Telegraph newspaper, noting that Management has hired Cavendish Corporate Finance to advise on options for the future.

The move to explore a sale comes after the company received several unsolicited approaches from trade buyers, the newspaper reveals.

Founded by entrepreneurs Crispin Nieboer – a former NM Rothschild banker and BSkyB executive and Shaun Barron in 2005 with the backing of private venture capitalists, the Poker Channel should generate earnings of GBP 349 000 on revenues of GBP 1.5 million this year.

The television based channel provides specialist poker programming that includes branded tutorial shows, player interviews, cash games, online event coverage, daily news updates and live coverage of international events.

Meanwhile sister company Poker Heaven has developed into a successful Europe-facing online poker operation that predicts revenues of GBP 11.3 million and earnings of GBP 1.5 million this financial year.

The Telegraph speculates that there could be plenty of interested buyers, including major operators known to be interesting in acquisitions such as Party Gaming and 888, along with gambling groups like Ladbrokes, Paddy Power and Full Tilt Poker.

Paul Herman, the partner at Cavendish managing the sale, refused to be drawn on the identity of the bidders, but did confirm that considerable interest has been seen from Asia and overseas.