Pegasus News Announces New Acquisition

Pegasus News, an entity separate from The Dallas Morning News, Inc. since February of 2014, has announced an acquisition of Limelight Partners, a software development firm located in Dallas. The following is a quote from David Branson, Chief Executive Officer of Pegasus News.

“We are proud to announce our acquisition of Limelight Partners. We entered the gaming sector in February of 2015, acquiring a minority (25%) stake in the company in February of 2016 in exchange for $800,000. As a part of the deal, we had the ability to exercise a stock option to acquire the company wholly at an 8% premium at the time. This stock option expired in February of 2019, and was exercised this week as the gaming sector, and Limelight Partners subsequently, grows. Limelight Partners, after raising its last round of venture capital, has appreciated upwards of 240% since our initial investment, prompting us to exercise our option to acquire the company in its entirety. I believe we are well positioned in the forefront of this industry and expect many exciting new developments in the near future.

When I joined the board of Pegasus News in February of 2014, the company had been largely reliant on online news to drive revenue and deliver value to shareholders. This venture was bleeding cash, and in a strategic pivot, we made a decision to streamline our workforce in an attempt to cut costs and maximize the utility of the remaining cash on hand. Through our initial stake in Limelight Partners and later strategic partnerships with local companies, we implemented a plan to acquire and partner with companies running web properties. Limelight Partners operates a portfolio of more than 60 websites in the gaming industry, the largest being a site offering free spins and generating revenue through affiliate partnerships with enterprise gaming companies.

In closing, we now operate as a strong team with strong strategic partnerships and newly acquired assets under our wing. We hope to continue delivering value to our shareholders through our growing operations, and will provide updates on our prospects as we capitalize on these new opportunities in the months and years to come.”