David John King has officially started his role as chief executive officer, XLMedia confirms. King is now replacing Stuart Simms who announced that he wants to step down as the CEO of the affiliate business back in April.
King Was Appointed as CEO at the End of May
XLMedia announced King as the new CEO at the end of May. Apart from taking this responsibility, he also became a member of the company’s board of directors. Before joining XLMedia, King worked as the CEO of JPIMedia from November 2018 to January 2021.
This wasn’t the first time serving as a CEO of a company. King was also the CEO of Time Out Group for 10 years (1998-2008) and worked as the CEO of Johnston Press, a UK newspaper, after previously working there as chief financial officer.
After he was appointed as XLMedia’s CEO, Marcus Rich, the non-executive chair of the company, stated that King’s digital publishing experience and leadership experience are the main factors that will allow XLMedia to capitalize and grow.
Rich doubled down by saying that King’s vast knowledge of the media sector is what makes him the perfect pick for CEO.
As for King, he stated that it is a real pleasure to join as XLMedia and that he will be happy to get to know everyone and help the company grow.
XLMedia Had Massive Growth in 2021
Simms resigned as a CEO that helped XLMedia achieve massive growth in 2021. When he announced that he will be stepping down, he noted that during his time, XLMedia managed to de-risk the core business and deliver a positive change while expanding in North America.
The audited results from 2021 confirmed Simms’ claims. Thanks to a series of strategic purchases, XLMedia’s YoY betting revenue last year increased by 178%. Yearly sports revenue in 2021 was $31.4 million, whereas the sector’s revenue in 2020 was $11.3 million.
One of the strategic acquisitions by XLMedia made was Sports Betting Dime, a digital media company, which was bought for price of $26 million. Then, in order to purchase CBWG, the company paid $12 million in cash and issued around 8 million new shares. CBWG was registered in six US states and played a key role in XLMedia’s expansion in North America.
After serving 2 years as CEO, Simms decided to leave, and Julie Marker, then interim chair of XLMedia, publicly thanked him for his contributions to the company and stated that Simms managed to help XLMedia get through “a very challenging period.” As a concluding note, Marker wished him the very best in the years to come.