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Gigamedia appoints new chairman amidst Party Gaming merger talk

TheStreet.com reports that persistent rumours of an acquisition deal being negotiated between PartyGaming and Gigamedia have heightened interest in the appointment of a new chairman at the Taiwan online gambling group, which owns the popular Everest Casino and poker websites, and Funtown, the Internet's largest Mahjong site.

Gigamedia this week appointed board member Michael Ding as chairman following the resignation of former chair Daniel Wu on April 30,2009, citing "personal and family obligations" as his reasons for leaving.

GigaMedia's market cap stands a little over $330 million, TheStreet reports. GigaMedia recently dampened expectations in its first quarter outlook, with revenues expected to fall by 10% in its gaming software segment. However, the Asian-facing group also expects its Asian online gaming business to grow around 30% compared to the fourth quarter 2008.

Source: InfoPowa News

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