The sale of Catena Media UK business assets, including the Squawka and GG.co.uk brands, and shares in its Australian subsidiary, will be carried out by Moneta. The initial payment of €5.8m will be followed by an additional €200,000 within 75 days. The funds will be used by Catena Media to repay its debt. The net book value of the divested businesses’ intangible assets was €6.0m as of 30 June. These assets generated €4.5m in revenue and €900,000 in EBITDA in the past 12 months. The transaction is expected to reduce Catena’s cost base by approximately €2.8m per year upon completion in the third quarter of this year.
Catena Media CEO, Michael Daly, expressed his satisfaction with the buyer’s ability to continue the success of the UK and Australian sports and casino brands, while Moneta CEO, Christopher Russel, highlighted the acquisition’s strategic fit within their OneTwenty Group’s plan to acquire fan-focused digital media assets covering major sports in key markets. Both parties are excited about developing and growing the assets and team.
The sale signifies Catena Media’s strategic shift towards the North American market. The group initiated a strategic review last year, initially focused on certain assets but expanding to cover all European online betting and casino businesses. The review, which was extended to assess multiple options, led to the sale of AskGamblers to Gaming Innovation Group for €20.0m. As part of cost-saving plans, Catena reduced its staff headcount and scaled back strategic investments.
