Catena continues European asset review to bolster US vision
Catena Media Plc continues to examine all available options related to its ongoing strategic review and business transformation, prioritising accelerated growth within North American markets.
In May, prior to publishing the group’s interim results, Catena’s Board announced that it had placed all European assets under review, as part of a group-wide evaluation of its business strategy.
Tough H1 trading saw Catena register a 10% EBITDA decline to €34m, as the performance of the group’s media and publishing network was dragged by European ‘macro elements’.
A breakdown saw Catena outline the UK, Sweden, Germany and the Netherlands as markets in which its business had suffered from regulatory challenges affecting the growth of its casino vertical.
Undertaking its European review, Catena is expected to announce the sale of leading online gambling player community AskGamblers.com.
Placing European assets under strategic review, Catena leadership targets an annualised savings of €5m that will be “re-invested in North American growth initiatives.”
Catena seeks to expand its North American online portfolio that includes the assets of LegalSportsReport.com, TheLines.com, Lineups.com and GamingToday.com.
The group’s North American media coverage had been further bolstered by securing a multi-year partnership with Advance Local, which will see Catena become the authorised online gambling content publisher for NJ.com.
“The focus remains on ensuring that the company is well positioned to fully capture the opportunities on offer in North America and other high growth markets as it seeks to maximise value for shareholders,” Catena’s latest update noted
“The review was originally planned to conclude by the end of September,” the company added. “The review outcome will be communicated as soon as the process has been completed. Catena Media expects that this will be in the near future but can give no specific date at this point.”
Source: SBC News
