Catena Media expands strategic review to its European business

10 August 2022

(PRESS RELEASE) -- Catena Media plc today announces that it is expanding the strategic review it initiated on 20 May 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 capitalize 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 annualized 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.

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