Perform Media Group Shares Fall 15% As Goal.com Fails To Score Investors
Shares in a digital sports media group backed by Len Blavatnik slumped by as much as 15% after warning that its "juggernaut-style profits growth will slow this year," according to Tim Webb of the LONDON TIMES. Perform Group, owner of goal.com -- the world’s largest football website -- said that a higher proportion of revenues "would be generated by less profitable advertising and sponsorship deals this year." The company covers more than 15,000 live events, owning digital rights to the world’s top tournaments like the U.S. Open, Italy's Serie A and the NBA. It "either sells the content to media or betting companies, which brings in the highest profits." Perform also "provides the content for free but carrying advertising or on a sponsorship basis." This type of business "is growing quickly," accounting for 14% in '11, but this year will rise to 25% on a like-for-like basis (LONDON TIMES, 6/27).