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Malone Buys 51% of AIM Listed Fun Tech.
The media mogul John Malone took control of the online "skill-gaming"
Fun Technologies yesterday. His Liberty Media, which owns the QVC
channel and controls 18 per cent of Rupert Murdoch’s News Corp, paid
$194m (£113m) for 51 per cent of Fun, which is based in Toronto but has
a listing on London’s Alternative Investment Market.
The deal values the 18 per cent stake of Fun’s Canadian chief
executive Lorne Abony at a little less than $70m. Mr Abony said he has
no plans to sell his shares. "Skill-gaming is booming over the internet,
but it makes sense to build this business through participation TV," Mr
Abony said. "Liberty represents the best access to the largest network
of TV and content subscribers worldwide. We’re jazzed up about it."
Liberty wants Fun to bolster its position in the booming online
gaming industry. Fun offers punters who pit their wits against each
other over the internet cash prizes in more than 50 skill games,
including solitaire, chess and quizzes. In contrast to the questionable
legal status of online poker and casinos in the massive US market, skill
gaming is legal there.
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