Digitalbox PLC (AIM:DBOX) told investors the company won’t be put up for sale after a review that began in October concluded that sticking with the business would better serve stakeholders.
The company, in a statement, noted that the review assessed the company’s opportunities, including a possible sale, but a key influence in its decision was the success and momentum seen with its Entertainment Daily and The Daily Mash brands, and anticipated growth within the digital advertising market.
It added that revenue diversification and portfolio expansion over the last year had strengthened its operational resilience.
“Over the past year, we have made significant progress in expanding and diversifying our portfolio, demonstrating the strength and resilience of our mobile-first digital media business.
“This review has provided a comprehensive assessment of our opportunities and confirmed the Board's belief in the potential of our current operating model.”
"The decision not to pursue a sale of the company at this time reflects our confidence in the underlying performance of our business and the considerable opportunities we believe lie ahead.”
“Our brands, including Entertainment Daily, The Daily Mash, The Tab, The Poke, TV Guide, Emmerdale Insider and Royal Insider, continue to deliver strong trading results amongst improving industry conditions.”
Marcus Rich, DigitalBox chair, added: "By leveraging the solid foundation we've built, we believe the company is well-positioned to accelerate growth through both organic initiatives and strategic acquisitions.
“The board remains committed to exploring all avenues that will drive sustainable value creation for our shareholders.
"As we move forward, we will continue to focus on innovation and expansion while maintaining our agility in responding to new market opportunities.”