Catenaccio: Concluding Strategic Review, Less Is More For Catena Media
Catena Media plc has announced the completion of its strategic review initiated in May 2022, following the sale of its Italian casino and sports betting assets.
The review, embracing a tight, defensive “Catenaccio” fiscal strategy has streamlined the company’s operations, with a heightened focus on stable, regulated, markets — predominantly in The Americas.
The divestments made during this strategic review are set to raise a total of approximately €76 million (£66.37m)
This significant capital will fortify Catena Media’s balance sheet and facilitate substantial debt repayment.
The breakdown of the sale proceeds is as follows:
AskGamblers: €45.0 million (£39.30m); Italy: €19.8 million (£17.29m); Australia: €6 million (£5.24m) and Other: €5.2 million (£4.54m).
In addition, Catena has already posted its ambition to drive further annual cost savings of up to €4.2 million (£3.66m), primarily through the consolidation of support functions within its European operations.
This strategic realignment is reflective of Catena Media’s commitment to focusing on stable, regulated markets, which it believes are crucial for ensuring long-term engagement and sustainable growth.
“Today marks the completion of our transition into a group with a crystal-clear focus on stable, regulated markets, notably in the Americas,” affirmed Catena Media CEO Michael Daly.
“The divestments we have made have improved our financial position significantly. Now that the streamlining process is complete we can devote our full resources and attention to capturing the long-term growth opportunity we see ahead.”