Media Corporation, an advertising network and publishing group, has acquired internet gaming company Purple Lounge for up to £465,000. 

Media Corporation, an advertising network and publishing group, has acquired internet gaming company Purple Lounge for up to £465,000.

Malta-based Purple Lounge operates an internet gambling site that offers poker, card and casino games, along with sports betting. In the year to May, the company generated revenue of £16.5 million and pre-tax losses of £476,670. As a result of the deal, the chairman of Purple Lounge, Chris Gorman, has joined the board as a non-executive director.

Justin Drummond, chief executive of Media Corporation, said: ‘[The deal] will bring significant business to our leading website Gambling.com. By combining our marketing expertise with Purple Lounge’s operational online gaming experience we hope to create a very profitable business going forward.’

In the six months ending March, Media Corporation reported an increase in revenue of 18 per cent to £2 million and pre-tax losses of £898,000.