Catena Media is reinforcing its dedication to the North American market by divesting its UK and Australian sports wagering brands for €6 million (roughly $6.57 million USD). The purchaser, UK-based Moneta Communications, is obtaining a collection that encompasses well-known platforms like Squawka and GG.co.uk. This action permits Catena Media to refine its operations and prioritize the profitable and swiftly expanding North American market.
The transaction is projected to be concluded in the third quarter of 2023. The bulk of the €6 million will be disbursed upfront, with a smaller sum payable over subsequent months. Catena Media intends to utilize the funds to reduce debt and enhance its financial standing.
Although the sold brands were lucrative, producing nearly €450 million in income and around €90 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) in the year leading up to June 30, 2023, this calculated maneuver enables Catena Media to concentrate its assets and proficiency where it perceives the most substantial growth opportunities. As Chief Executive Officer Michael Daly conveyed, this accord signifies another crucial stride in the company’s path toward becoming a leading force in the North American online sports betting and casino partnership sector.
They expressed immense joy at securing an ideal residence for these British and Commonwealth sporting and gaming entities. The fresh proprietors are dedicated to furnishing the essential tools and backing to enable their genuine prosperity.”
Christopher Russell, Chief Executive of Moneta Communications, underscored that this transaction empowers Moneta, a component of the OneTwenty Group, to vigorously pursue its acquisition agenda. Their concentration persists on procuring lucrative, enthusiast-focused digital media holdings within pivotal athletic markets. Russell appended that they are eager to cultivate the expansion of these holdings and their adept personnel.
This announcement follows closely on Daly’s latest engagement at the GI Huddle, where he elaborated on Catena and its fiscal aspirations.
