Catena Media Divests UK and Australian Sports Betting Assets to Focus on North America
Catena Media is divesting its digital sports wagering platforms in the United Kingdom and Australia. The transaction, valued at €6 million (approximately $6.57 million), enables the firm to prioritize the North American market, which they perceive as a substantial growth area.
Moneta Communications, a UK-based company, will acquire established brands such as Squawka and GG.co.uk. The agreement is anticipated to conclude during the third quarter of 2023.
Although Catena Media’s UK and Australian brands were performing well, generating close to €450 million in income over the preceding year, this strategic maneuver allows them to reduce debt and optimize their operations. They intend to allocate the majority of the €6 million to bolster their financial position.
Chief Executive Officer Michael Daly indicated that this is a significant move in their plan to lead the North American market for digital sports wagering and casino collaborations.
Im quite pleased we’ve secured a purchaser who can expand upon the achievements of our United Kingdom and Australian athletics and gaming labels, providing them the space and backing they require to flourish,” remarked Christopher Russel, Chief Executive Officer of Moneta Communications. He continued, “This agreement permits Moneta Communications, as a component of the OneTwenty Group, to proceed with implementing our plan of procuring enthusiast-centric, lucrative digital media holdings in significant sports throughout crucial territories. We eagerly anticipate further developing these assets and the personnel.”
Daly conversed recently at the GI Huddle regarding Catena and its fiscal objectives.
