Catena is divesting from the United Kingdom and Australia as the company seeks to consolidate its presence in North America – a fairly new, vibrant, and highly promising iGaming and sports betting market. The sale is part of a company-wide strategic review that wants to see the company optimize and establish its footprint in the market on more firm grounds.
Meanwhile, the assets are changing hands to Moneta Communications, a Seven Star Digital Company, which will further strengthen the firm’s presence in the markets and help it build further momentum in what it still sees as strategically relevant markets.
Commenting on this development, Moneta Communications CEO Christopher Russel said that his company was very happy to acquire established brands from Catena and work on their further betterment. He added:
This acquisition allows Moneta Communications, as part of the OneTwenty Group, to further our plan to acquire fan-focused, profitable digital media assets that cover major sports in important markets. We are excited to further develop and grow the assets and the team.
Christopher Russel, CEO, Moneta Communications
The brands divested by Catena include Squawka and GG.co.uk. Catena Media CEO Michael Daly was similarly pleased with the opportunity to see his company move further into the online sportsbook and casino affiliation markets in North America, something that will continue in the wake of the assets’ sale. The company recently outlined plans to launch in North Carolina in 2024.
A Strategic Review Meant to Consolidate Company’s Operations
“The strategic review has led us to reshape our brand portfolio to reflect this closer operational focus, and I am pleased to be delivering further progress in that direction,” Daly added. He also said that Catena Media was pleased to have found a buyer that is actually in a strong position to further develop the brands and help them grow and progress.
Meanwhile, business has been going well in Catena Media, as the company revealed a $5.4 million share buyback program. Catena Media is firmly committed to the North American market and is expecting to drive greater financial results and synergies over the coming quarters, although revenue slowed down in the second quarter of the year slightly.