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Catena Media Expands Strategic Review to its European Business
Catena Media has announced that it is expanding the strategic review it initiated on 20 May 2022 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 capitalise 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 annualised savings of at least EUR 5m in operational and capital expenditures. Following applicable laws and relevant regulations, Catena Media will 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.
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