Independent News & Media (INM) has sold its 18 per cent stake in online gaming firm company Cashcade for €15.3 million.
The Cashcade stake has been sold to online gaming company PartyGaming.
In a statement today INM said it could receive additional cash from the sale in next year and in 2011 if Cashcade meets profit targets. The company reported profits of £7.5 million last year.
The sale of the Cashcade stake is part of INM’s of selling off assets while it seeks and agreement from bondholders on a €200 million debt which fell due for repayment in May.
INM has secured a number of extensions to deadline with bondholders the latest of which runs until tomorrow.
Earlier this month, INM sold a 7.3 per cent stake of its interest in India's Jagran Prakashan newspaper for around €22 million. It had held a 20.8 per cent stake.