| Shareholder Activism

Wolverine Asset Management: Fantasy gaming is risky

Excerpts from the letters

A narrow focus in the fantasy/gaming arena is fraught with risk and needs to be expanded.

In our judgment, limiting operations to fantasy gaming is both: (i) risky, as economies are expected to diminish due to potential future regulation in light of the recent actions taken by Nevada and NY to regulate fantasy sports and (ii) short-sighted, as it does not leverage your substantial success in the broader media/tech/consumer arenas.