Catena Media expands review to cover all European assets
Catena Media has announced an expansion of its strategic review, which will now cover its entire European business.
However, Catena has now enlarged the scope of its review to encapsulate the company’s entire European online sports betting and casino affiliation business as it looks to save at least €5m ($5.1m) per year.
Catena said its European business has “faced challenges in recent years,” challenges related to regulatory changes in the UK, Sweden, Germany and the Netherlands.
General market developments have also affected the company’s outlook in Europe, particularly in regard to casino operations.
As a result, Catena is looking to “identify efficiencies” and “free up resources” in an effort to take advantage of opportunities elsewhere, namely in North America, Latin America and the Asia-Pacific region.
“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,” Catena Media stated.
“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.”
Catena will also enter into a formal consultation process for “potentially affected UK- and Malta-based roles.” The company aims to provide an update on the outcome before the end of September.
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