Reglikedomain industry desk

MMX completes .XXX ICM buyout following ICANN approval

ICANN gives nod to adult domain name ownership change.

Domain name overseer ICANN has approved the transfer of the .xxx, .porn, .adult and .sex top level domain names to Minds + Machines (MMX). As a result, MMX (London AIM: MMX) is completing its buyout of ICM Registry, which controlled the domain names.

MMX paid $10.0 million cash, but the majority of the buyout is being paid with 225 million shares in the firm. At the time of the original buyout notice, those shares had a value of $31 million. They are now worth closer to $20 million, which is not surprising given the dilution that will occur with the share issuances. The shares will be issued over time and they have lock-in periods.

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