(Adds quote, details on talks, background)
June 8 (Reuters) - Australia's Tabcorp Holdings Ltd (TAH) said it is in discussion with with News UK to exit underperforming wagering and gaming joint venture Sun Bets.
The horse-race gambling house had announced a strategic review of the business last year following challenging trading conditions.
The Sun Bets unit had recorded a core earnings loss of A$22.5 million ($17.1 million) in the first half.
Melbourne-based Tabcorp has started consultation with Sun Bets employees regarding the proposal, it said in a statement.
"Discussions remain ongoing and an agreement has not been reached at this stage," Tabcorp said in a statement.
The firm reported a larger-than-expected dip in half-yearly profit in February as it struggled with online competition, triggering its biggest daily share price fall in five years.
($1 = 1.3125 Australian dollars)
(Adds quote, details on talks, background) June 8 (Reuters) -...
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Last
72.5¢ |
Change
-0.015(2.03%) |
Mkt cap ! $1.657B | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 10 | 91691 | 72.0¢ |
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|---|---|---|
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