Live Current Media ends a sad saga.
Live Current Media (OTC: LIVC.ob) has sold its Cricket.com domain name and assigned its Indian Premier League contract for a total consideration of approximately $1.75 million. About $1M of that will be paid in cash over four quarters, and the remainder is the assumption of liabilities and payment of severance to a key Live Current employee that will be hired by the purchaser, GCV Mauritius.
Last year Live Current Media claimed to reject a previous $6M offer for the Cricket.com domain name. But a lot has changed since then. For one, Live Current entered into a 10 year, $50M agreement with DLF Indian Premier League. Not only did the company not have the money to pay for the agreement, but he company knew nothing about the sport. It showed in its execution. The company bet itself on cricket and lost the bet.
Assuming this deal relieves Live Current of any future obligations under its cricket agreements, this will help the company get somewhat of a fresh start.
Live Current also announced the sale of 2 domain names for $1.6M. One of these domains was previously sold for $1.25M but the buyer backed out. Live Current retained $355,000 that had already been received under the $1.25M agreement. The most recent known sale of a Live Current domain name was Brazil.com at $500,000.
In other news, Live Current restructured its payments for its purchase of Auctomatic, a company that has absolutely nothing to do with Live Current’s business. The Auctomatic acquisition is another example of the company’s poor execution.