comScore is exploring the possibility of a potential sale and is working with Goldman Sachs on a review of potential suitors including buyout firms, according to financial media company Bloomberg.
The news comes after a turbulent two years. In 2016, the firm's shares plunged 35%, following the disclosure that an audit had been set up to examine 'accounting irregularities'. After postponements, comScore finally reported in the audit that its previous three years' financial statements 'should no longer be relied upon'. Hedge fund Starboard Value stepped in and bought a 4.8% stake in comScore, forcing the company to schedule its first Annual General Meeting in two years.
Earlier this month, comScore announced it had received a new round of funding from Starboard. At the same time, it confirmed that for the first nine months of 2017, it had lost between $191m and $208m on revenues of between $300m and $310m; and audit costs had been as much as $60m in 2017 and $48m in 2016, with legal settlements costing between $80m and $84m.
According to Bloomberg, which cited people 'familiar with the matter', the company is now considering a possible sale, although no formal sale process has begun.
Web site: www.comscore.com .
All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.