FXCM Signs Agreement to Sell News and Research Website DailyFX for $40 Million

Hi Powervision,

This transaction gets FXCM closer to paying off its debt to Leucadia. We recognize that this was a valuable asset, however DailyFX is not a critical part of the company. This was an unexpected department of the company to sell, but when the opportunity came along it was something we felt we should take advantage of.

$36 million will be paid to FXCM on closing of the deal which is set for the end of October with the additional $4 million to be paid on completion of certain migration requirements. With this transaction FXCM will have made loan payments of $157 million to Leucadia with $153 million outstanding and will have repaid more than half the debt.

FXCM still believes that the current valuations for the remaining assets held for sale will satisfy the remaining debt outstanding to Leucadia. We continue to work hard towards selling our remaining assets held for sale which include our stake in Lucid, V3 and FastMatch.

FXCM strongly believes in the value of education, trading tools and resources, so we take great pride in having built DailyFX.com into one of the most popular forex news portals. Alexa rankings show it is ranked 4th in the world in terms of forex sites ahead of Fxstreet, Babypips and even FXCM itself http://www.alexa.com/topsites/category/Business/Investing/Commodities_and_Futures/Forex

I'm glad you have found DailyFX useful in your development as a trader! That's exactly why FXCM invested resources over the years into building the site into a top forex news and education portal with over a dozen analysts providing detailed market analysis 24 hours a day and averaging over 30 live webinars a week. We believe DailyFX will continue to be a top resource for traders.

[quote=Jason Rogers;9172378]FXCM strongly believes in the value of education, trading tools and resources, so we take great pride in having built DailyFX.com into one of the most popular forex news portals. Alexa rankings show it is ranked 4th in the world in terms of forex sites ahead of Fxstreet, Babypips and even FXCM itself http://www.alexa.com/topsites/catego..._Futures/Forex[/quote

I don't know if there are others like me, but when I first started to learn to trade forex I used DailyFX.com mainly, so when I had to choose a broker when I wanted to start trading live I chose FXCM because of the connection.

WTF??
40m for that site??????

Ikr sheesh!!

If you are making money from it, why would you sell them