Catena Media plc has, with the sale of the group's Italian casino and sports betting assets communicated separately today, completed the strategic review that was initiated in May 2022. The review has streamlined the business and increased the operational focus on stable, regulated markets, primarily in the Americas.
Once the proceeds have been fully received, the divestments executed as part of the review will raise a total of approximately EUR 76 million, as shown in the table below. These proceeds will strengthen Catena Media's balance sheet and enable significant debt repayment.
Sale proceeds EUR million
AskGamblers 45.0
Italy 19.8
UK/Australia 6.0
Other 5.2
Total 76.0
The group also announced in August 2023 that annualised cost savings of around EUR 3.8-4.2 million would be achieved within the scope of the review, largely through streamlining support functions in the group's European operations.
This realignment of the business reflects Catena Media's belief that stable, regulated markets offer the best framework for long-term engagement and sustainable growth over time.
Today, those markets are concentrated primarily in North America, which will be the focal point for the group's growth strategy going forward.
Catena Media CEO Michael Daly said: "Today marks the completion of our transition into a group with a crystal-clear focus on stable, regulated markets, notably in the Americas. The divestments we have made have improved our financial position significantly, and now that the streamlining process is complete we can devote our full resources and attention to capturing the long-term growth opportunity we see ahead."
Contact details for further information:
Investor Relations
Email: ir@catenamedia.com
Michael Daly, CEO
Email: michael.daly@catenamedia.com
Erik Edeen, Interim Group CFO
Email: erik.edeen@catenamedia.com
The information was submitted for publication by the contact persons above on 21 November 2023 at 06:55 CET.
About Catena Media
Catena Media is a global leader in generating high-value leads for operators of online casino and sports betting platforms. The group's large portfolio of web-based affiliation brands guides users to customer websites and enriches the experience of players worldwide. Headquartered in Malta, the group employs over 350 people across the globe. The share (CTM) is listed on Nasdaq Stockholm Mid Cap. For further information see catenamedia.com.