Catena Media has finalized its strategic evaluation and is honing its concentration on lawful gaming sectors within the Americas. The firm divested its Italian wagering and sportsbook business for €19.8 million (approximately US$21.6 million). This action, a component of a broader strategic realignment initiated in May 2022, enables Catena Media to intensify its efforts in the flourishing North and South American markets.
The divestiture is projected to be a financial triumph, yielding a total gain of roughly €7.6 million. This encompasses a €4.5 million profit from the prior sale of AskGamblers. The organization also foresees yearly expense reductions of €3.8 to €4.2 million, primarily attributed to enhanced efficiency within its remaining European activities.
Chief Executive Officer Michael Daly declared, “This day signifies the culmination of our transformation into an enterprise centered on enduring, regulated sectors, especially within the Americas.” He further noted that the corporation is now strategically situated to leverage long-term expansion prospects in these territories.
Catena Media is withdrawing from the Italian market! They’ve reached an agreement to divest their digital sports wagering and gaming platforms there for €19.8 million. This aligns strategically with their renewed emphasis on high-expansion regions, particularly in the Western Hemisphere.
Although the Italian brands were performing admirably, generating approximately €7.8 million in income over the preceding year, this action allows Catena Media to simplify and intensify its focus on lucrative prospects within regulated sectors.
This choice follows a challenging second quarter for the organization, with both earnings and adjusted EBITDA experiencing a decline. By liquidating these holdings, they can reduce liabilities and liberate resources to allocate toward more favorable domains. As their Chief Executive Officer, Michael Daly, stated, they are assured this is the optimal course of action to position the company for subsequent achievements.
Daley reinforced the organization’s dedication to lucrative expansion within its regulated North American territories, delineating ambitious fiscal targets.
admin