CDM was sold? (1 Viewer)

[Bri]

I missed this-

FUN Technologies

August 24, 2006

FUN Technologies acquires CDM Fantasy Sports, leading fantasy baseball provider

Acquisition makes FUN largest pay-to-play fantasy sports operator in North America

TORONTO, Canada – FUN Technologies Inc. (“FUN”) [LSE (AIM): FUN and TSX: FUN], one of the

world's leading online and interactive casual games providers, announced today that it has

acquired the business of CDM Fantasy Sports (“CDM”), a leading fantasy sports operator. The

acquisition of CDM makes FUN the largest pay-to-play fantasy sports operator in North America.

Based in St. Louis, Missouri, CDM‘s 44 games are played by approximately 200,000 customers in

eight sports. Acquiring CDM complements FUN’s existing fantasy products through the addition of

CDM’s strengths in baseball and commissioner-style fantasy games. FUN is now able to offer its

customers and distribution partners a wider range of fantasy products than any other operator in

the North American fantasy sports market.

For the 12 months ended December 31, 2005, CDM recorded unaudited revenue of US$8 million,

and earnings before interest, taxes and depreciation of approximately US$1 million. As at June 30,

2006, net assets were US$4.1 million.

The consideration for FUN’s acquisition of CDM was the payment to the sellers of US$4.25 million

in cash and $0.75 million worth of FUN common shares, plus a contingent earn-out obligation of

up to $5 million based on revenue and EBITDA performance targets for the business payable in

FUN common shares. The overall consideration to the sellers will not exceed US$10 million.

Application has been made to the London Stock Exchange and the Toronto Stock Exchange for

142,279 common shares to be admitted to trading on AIM and listed on the Toronto Stock

Exchange

Lorne Abony, CEO of FUN, said, “By acquiring CDM, FUN is now the leading fantasy sports

operator in the U.S., with strengths in both of the major fantasy sports – baseball and football –

and across product type. CDM is a highly synergistic acquisition for FUN; through consolidation

with our existing fantasy sports business we intend to create significant operating efficiencies

and scale opportunities. Fantasy sports are growing, and we believe that this is the optimal

moment to consolidate the sector and create an industry leader.”

About FUN Technologies

FUN Technologies Inc. is one of the world's leading online and interactive casual games providers.

FUN’s strategy is to provide its cutting-edge gaming systems to top distribution partners around

the world. FUN is 51% owned by Liberty Media Corporation, and FUN’s common shares are listed

on both the Toronto Stock Exchange and the Alternative Investment Market (AIM) of the London

Stock Exchange under the symbol “FUN”.

 

[pinequick]

I missed this-FUN TechnologiesAugust 24, 2006FUN Technologies acquires CDM Fantasy Sports, leading fantasy baseball providerAcquisition makes FUN largest pay-to-play fantasy sports operator in North AmericaTORONTO, Canada – FUN Technologies Inc. (“FUN”) [LSE (AIM): FUN and TSX: FUN], one of theworld's leading online and interactive casual games providers, announced today that it hasacquired the business of CDM Fantasy Sports (“CDM”), a leading fantasy sports operator. Theacquisition of CDM makes FUN the largest pay-to-play fantasy sports operator in North America.Based in St. Louis, Missouri, CDM‘s 44 games are played by approximately 200,000 customers ineight sports. Acquiring CDM complements FUN’s existing fantasy products through the addition ofCDM’s strengths in baseball and commissioner-style fantasy games. FUN is now able to offer itscustomers and distribution partners a wider range of fantasy products than any other operator inthe North American fantasy sports market.For the 12 months ended December 31, 2005, CDM recorded unaudited revenue of US$8 million,and earnings before interest, taxes and depreciation of approximately US$1 million. As at June 30,2006, net assets were US$4.1 million.The consideration for FUN’s acquisition of CDM was the payment to the sellers of US$4.25 millionin cash and $0.75 million worth of FUN common shares, plus a contingent earn-out obligation ofup to $5 million based on revenue and EBITDA performance targets for the business payable inFUN common shares. The overall consideration to the sellers will not exceed US$10 million.Application has been made to the London Stock Exchange and the Toronto Stock Exchange for142,279 common shares to be admitted to trading on AIM and listed on the Toronto StockExchangeLorne Abony, CEO of FUN, said, “By acquiring CDM, FUN is now the leading fantasy sportsoperator in the U.S., with strengths in both of the major fantasy sports – baseball and football –and across product type. CDM is a highly synergistic acquisition for FUN; through consolidationwith our existing fantasy sports business we intend to create significant operating efficienciesand scale opportunities. Fantasy sports are growing, and we believe that this is the optimalmoment to consolidate the sector and create an industry leader.”About FUN TechnologiesFUN Technologies Inc. is one of the world's leading online and interactive casual games providers.FUN’s strategy is to provide its cutting-edge gaming systems to top distribution partners aroundthe world. FUN is 51% owned by Liberty Media Corporation, and FUN’s common shares are listedon both the Toronto Stock Exchange and the Alternative Investment Market (AIM) of the LondonStock Exchange under the symbol “FUN”.

Not that Fanball was ever great, but after FUN bought them before last season, the quality of the site fell off. More ads, less reliability.What sites/services did CDM run?

 

[Bri]

they're the guys that bought fanball

http://www.funtechnologies.com/html_fun/fun_sports.htm

Joe and DD gotta get in the stock market so we can trade shares of FBGs, trading "fun" stocks just doesn't have the same appeal

 

[Bri]

Not that Fanball was ever great, but after FUN bought them before last season, the quality of the site fell off. More ads, less reliability.

What sites/services did CDM run?

CDM was enormous years ago. USAToday Football Challenge was a big deal about the same time most FF site owners were still figuring out how to do this or that(perfecting their craft). They goofed processing stats one year and creditted wrong stats to wrong players, some payment probs..... and dropped from like 80 bucks per game to 40 real quick. It appears one year they goofed a little bit (5-7 years ago?)but otherwise they've been just fine if not stellar. One oops shouldn't ruin a site's rep and career. Anyway I think I read they have over 200k participants this year so...yeah they're pretty huge.Also I believe the owner(previous) was a big part in starting the FSTA

Please don't overreact. I'm trying to state what I know not out to insult them. They really have a nice business setup and ...not my intention at all

 

[Bri]

CDM was also part of that FF (or was it baseball) that was so big this past spring

 

[Gravity]

Their Budget Football game (now called: "FANBALL.COM FANTASY FOOTBALL CAP CHALLENGE") is still one of the best fantasy games out there.

I spend more time with lineup challenges on that game then on all my other traditional leagues combined.

I highly recommend all of you to sign up.

 

[Bri]

Their Budget Football game (now called: "FANBALL.COM FANTASY FOOTBALL CAP CHALLENGE") is still one of the best fantasy games out there.I spend more time with lineup challenges on that game then on all my other traditional leagues combined.I highly recommend all of you to sign up.

which is the one that costs $ for WW moves and bench to start moves? I always hated that fee yet thought of the old guy saying "they've got quite a racket going on" as it's such a good money making move for a business. What FFer won't pay 2-3 bucks to add a good player on the WW?

 

[BigA]

Their Budget Football game (now called: "FANBALL.COM FANTASY FOOTBALL CAP CHALLENGE") is still one of the best fantasy games out there.I spend more time with lineup challenges on that game then on all my other traditional leagues combined.I highly recommend all of you to sign up.

 

[diesel7982]

CDM has the best games and customer service around.

But yes Bri, they were sold last month for around $4mil in cash and some amount of stock.

 

[Alberta Clipper]

I've played CDM fantasy golf, hockey, football for about 10 years now.

Their games are very professionally run with reliable stats and reporting.

They have customer service that is always responsive and available.

I have had issues with them over the years about the timing and delays with prize payouts BUT they have always paid out.

CDM recently won a big lawuit (not sure of the details) which has resulted in a more specfic and speedier payout policy.

From what I've heard and read all mgt and support staff have stayed on from the CDM family to continue running their games.