Catena Media expands strategic review to its European business
Catena Media plc today announces that it is expanding the strategic review it initiated on 20 May 2022 to its entire European online sports betting and casino affiliation business.
The European business, consisting of online sports betting and casino affiliation assets acquired prior to mid-2018, has faced challenges in recent years. These relate to regulatory changes in markets including the UK, Sweden, Germany and, most recently, the Netherlands. They also reflect general market developments in Europe, which have affected casino operations in particular.
The expanded strategic review seeks to identify efficiencies in Catena Media’s European operations and to increase the group’s focus on higher margin opportunities within the region. The intention is to free up resources to capitalise on growth opportunities in the fast-growing North American business and in the Asia-Pacific and Latin American regions, thus creating maximum value for the company and its shareholders going forward.
The group aims to pursue annualised savings of at least EUR 5m in operational and capital expenditures. Following applicable laws and relevant regulations, Catena Media will as of today start reviewing its European product portfolio and cost base and enter into a formal consultation process for potentially affected UK- and Malta-based roles. The company intends to provide an update on the outcome before the end of September.
Other assets mentioned in the strategic review announcement on 20 May, including brands in the financial trading segment as well as AskGamblers' and certain other global brands, are outside the measures under consideration here. Catena Media continues to assess the best outcome for the company and its shareholders for those brands and to engage in dialogue with third parties interested in acquiring such assets. These discussions may or may not result in one or more divestments.
Contact details for further information:
Michael Daly, CEO
Email: michael.daly@catenamedia.com
Peter Messner, Group CFO
Phone: +46 768 95 26 93, Email: peter.messner@catenamedia.com
Investor Relations
Email: ir@catenamedia.com
This information is information that Catena Media plc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons, on 10 August 2022 at 08:30 CEST.
About Catena Media
Catena Media is a global leader in generating high-value leads for operators in online casino, sports betting and financial trading. The group’s large portfolio of web-based affiliation brands guides online users to customer websites and enriches the experience of players worldwide. Headquartered in Malta, the group employs over 450 people in Europe, North America, Asia-Pacific and Oceania. The share (CTM) is listed on Nasdaq Stockholm Mid Cap. For further information see catenamedia.com.