JOINTLY ANNOUNCED: Macau Tuesday 8 October 2024 at 7am, Las Vegas Monday 7 October 2024 at 4pm.
Key points:
- MERGER CREATES FIRST GLOBAL GAMING MEDIA AND EVENTS COMPANY PHYSICALLY BASED FOR 20+ YEARS IN BOTH OF THE WORLD’S TOP TWO INTEGRATED RESORT AND TERRESTRIAL CASINO GAMING MARKETS, MACAU AND THE UNITED STATES.
- IAG and CDC Gaming shareholders to become shareholders of newly formed parent company, Complete Media Group (CMG).
- IAG and CDC Gaming to become wholly owned subsidiaries of Complete Media Group.
- IAG brand name to continue for Asia-Pacific markets.
- CDC Gaming brand name to continue for US, Canadian and Latin American markets.
- Complete Media Group will operate with a philosophy of “Regional expertise, worldwide” with the Asia-Pacific and the Americas regions served by professionals with decades of experience physically based in those respective regions.
- The merger will accelerate the growth strategy of both IAG and CDC Gaming, each with unique regional capabilities and distinct industry connections.
- The two media companies join after six successful years as strategic partners with a demonstrated strong cultural compatibility, particularly in their joint commitment to editorial excellence and building trusted industry relationships.
- Key executive appointments for the new combined entity, Complete Media Group:
- IAG Vice Chairman and CEO Andrew W Scott will be CEO.
- CDC Gaming Publisher Cory Roberts will be COO and CTO.
- IAG Chief of Staff Scott Messinger will be Chief of Staff.
- Complete Media Group will have around 50 team members, with all IAG and CDC Gaming team members to be retained, and team member expansion planned on both sides of the Pacific.
- Deal valued at “eight figures USD”.
- Expected completion 31 December 2024 with newly merged business planned to commence from 1 January 2025.
- Merger subject to customary closing conditions, including approvals from the shareholders of each of the respective companies.
Announcement in detail:
Asian-based B2B industry media and events group Inside Asian Gaming (IAG) and US-based counterpart CDC Gaming have announced a planned merger to create a unique global gaming industry media and events business, to be named Complete Media Group (CMG).
The two companies entered into a binding agreement in Las Vegas on Monday at 3pm local time (Tuesday 6am Macau time), which will give effect to the planned merger and combine two of the world’s most trusted gaming media brands, leaders in their respective markets, to create the new integrated global gaming media and events brand.
The newly launched entity, Complete Media Group, will become the parent company of both Inside Asian Gaming and CDC Gaming, with the shareholders of IAG and CDC Gaming becoming shareholders of CMG.
The two companies will continue to operate under their respective brand names, with Inside Asian Gaming covering the Asia-Pacific region from the Middle East to the International Date Line, and CDC Gaming covering the United States, Canada and Latin America.
IAG Vice Chairman and CEO Andrew W Scott will become global CEO of Complete Media Group, with CDC Gaming Publisher Cory Roberts named as global COO and CTO. IAG Chief of Staff Scott Messinger will become global Chief of Staff. The combined group will have around 50 team members, with all IAG and CDC Gaming team members to be retained, and team member expansion planned on both sides of the Pacific in the years ahead.
The total value of the deal has not been disclosed by the parties, other than to confirm the deal is valued at “eight figures USD”.
The merger is expected to complete on 31 December 2024, with IAG and CDC Gaming operating as wholly owned subsidiaries of Complete Media Group from 1 January 2025.
The merger is driven by clients’ needs for a seamless global offering of the highest quality and depth to support them in navigating an increasingly complex and global gaming landscape, as well as execution of an accelerated growth strategy by the parties as a result of combining forces on both sides of the Pacific.
The merger will enhance the offering of the two companies to their clients by expanding marketing exposure, access to intelligence and connections with industry executives across the globe. Many IAG major operator and supplier clients have interests in the United States, and IAG will gain access to this and other markets across the Americas. Similarly, CDC Gaming will gain access to all Asia-Pacific markets, including the Philippines, Australia, Macau and Singapore, the latter two of which form the bulk of revenue for most major Las Vegas-based parent operators. Asia-Pacific markets also represent attractive expansion opportunities for many CDC Gaming supplier clients. The combined media business, sharing their respective capabilities and networks, will be perfectly positioned to capitalize on global macro trends in the gaming industry.
Andrew W Scott, Vice Chairman and CEO at Inside Asian Gaming, said, “This combination of two great media businesses is the most exciting step in the almost 20-year history of IAG. Both IAG and CDC Gaming have a history of excellence, and together we think Complete Media Group will be a gaming media and events business unlike any other in the world, with each of our two companies having had large teams on the ground in the two regions for decades. To us, it makes sense that Americans serve the Americas. And that people who have lived and worked in the industry in Asia-Pacific for decades serve that region. The merger will accelerate the growth of both companies and create a doubled based of expertise around the world. We have already formulated a detailed expansion strategy for the next three years and I look forward to working with Cory and all the CDC Gaming team in executing that strategy.”
Cory Roberts, Publisher at CDC Gaming, said, “The demand for a global gaming media business with true regional expertise has never been greater. Merging with IAG will dramatically accelerate our ability to meet our clients’ needs in an increasingly complex global environment. We have always admired IAG’s outstanding media and events business and considered them a kindred spirit. Throughout our nearly parallel 20+ year existence, both companies have placed great emphasis on attracting and developing top talent, retaining a relentless focus on editorial quality and excellence in delivery, and building meaningful and authentic industry connections. All of us at CDC Gaming are excited about the future growth opportunities this merger offers creating an unparalleled offering for our clients.”
The proposed merger is subject to customary closing conditions, including a vote of the shareholders of each of the respective companies.
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