Independent News & Media has sold its 18% stake in online bingo company Cashcade for a total of €15.3m. The business is being sold to online gaming company PartyGaming.
INM said it could also receive additional money from the sale in 2010 and 2011 if Cashcade meets certain profit targets. Cashcade reported profits of £7.5m last year.
The sale continues the company's strategy of selling off some of its assets, as it tries to hammer out a deal on a €200m bond which was due for repayment in May. Last month, INM secured more time for the talks, which were given an extension until tomorrow.
Earlier this month, INM sold 7.3% of India's Jagran Prakashan newspaper, in which it held a 20.8% stake. The sale raised the company about €22m.
