Catena Media, a prominent affiliate marketing company, has officially announced the sale of its UK and Australian online sports betting brands. This significant move signifies the company’s strategic shift towards focusing on the North American market.
The deal does, however, include well-known assets such as the Squawka and GG.co.uk brands in the Catena Media UK business, as well as all shares in its wholly-owned Australian subsidiary. But all’s not lost for Aussie punters who enjoy placing wagers or playing at online casinos because CasinoShortList.net online casinos guide will still be available down under, so you needn’t worry.
The buyer, Moneta, a UK-based sports betting affiliate and part of the OneTwenty Group, will acquire these established and successful brands. Moneta’s acquisition of these thriving brands showcases the company’s desire to acquire profitable digital media assets that cater to sports fans in vital markets.
The initial payment for the acquisition is set at €5.8 million, with an additional €200,000 due within 75 days of the deal’s closure. The funds from the sale will be directed toward repaying Catena Media’s debt. Moreover, this strategic move is expected to lead to significant cost reductions, with estimated savings of approximately €2.8 million per year, directly impacting the company’s cost base upon the transaction’s completion.
The divested businesses’ intangible assets were evaluated to have a net book value of €6 million as of June 30, 2023. In the 12 months leading up to this date, assets generated combined revenue of €4.5 million and €900,000 in EBITDA. The sale is projected to conclude during the third quarter of this year.
The CEO of Catena Media, Michael Daly, expressed enthusiasm for the deal, believing that Moneta is well-positioned to enhance the UK and Australian sports and casino brands and foster their development and growth. Moneta’s CEO, Christopher Russel, echoed Daly’s sentiments, affirming their excitement to nurture and expand the acquired assets and grow their teams.
This sale is a pivotal step in Catena Media’s transformational journey, redirecting its efforts and resources toward the highly lucrative North American market. The company initiated a strategic review in May, exploring opportunities to divest certain assets. This review was originally intended to last a month but had to be extended to consider various additional options. In this context, Catena also sold its AskGamblers brand to Gaming Innovation Group for €20 million, solidifying its repositioning strategy. The company’s commitment to cost-saving measures has led to significant staffing reductions and the streamlining of strategic investments.
In short, Catena Media’s decision to sell its UK and Australian online sports betting brands to Moneta marks a turning point for the business. With a renewed focus on the North American market, the affiliate titan is clearly working at strategically streamlining its assets and aligning efforts to tap into new opportunities and growth potential. Moneta’s acquisition of these brands secures their future. It signifies the continuing transformation of the online betting and affiliate marketing landscape. As the deal nears its completion, industry observers eagerly anticipate the outcomes of this deal and the subsequent developments for both companies in the future.
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