Catena Media is honing its concentration on the North American region. They’ve reached an agreement to divest their UK and Australian digital sports wagering brands, Squawka and GG.co.uk, to the UK-based firm Moneta Communications. The acquisition cost? €6 million (approximately $6.57 million USD). This action permits Catena Media to reduce its liabilities and optimize its financial standing, providing them the flexibility to increase their investment in the flourishing North American sector.
The transaction, anticipated to be finalized in the third quarter of 2023, encompasses all of Catena Media’s UK holdings and its Australian subsidiary. Although these brands generated nearly €4.5 million in income over the preceding year, Catena Media posits that this calculated maneuver will ultimately save them around €280,000 per annum and enable them to allocate resources towards more profitable ventures.
Chief Executive Officer Michael Daly affirmed that this accord signifies another stride in the company’s dedication to leading the North American online sports betting and casino realm.
Im happy we’ve located the ideal purchaser who can expand upon the achievements of our UK and Australian sports and gaming brands, providing them the room and assistance they require to develop and thrive.”
Christopher Russell, Chief Executive Officer of Moneta Communications, mentioned that the divestiture of the businesses to the OneTwenty Group will enable it to “advance our plan of obtaining lucrative, enthusiast-centered digital media properties that encompass major athletic competitions in significant regions. We anticipate further refining and expanding these assets and personnel.”
Daly lately presented at the GI Huddle regarding Catena and its fiscal objectives.
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