Catena Media is divesting its UK and Australian sports wagering platforms, Squawka and GG.co.uk, to the UK-based firm Moneta Communications for a sum of €6 million. This action aligns with Catena’s strategic objective to fully commit to the flourishing North American market. The transaction is anticipated to reach completion within the third quarter of 2023.
Although Catena will receive €6 million from the sale, a significant portion of the proceeds will be allocated towards debt reduction. Essentially, the company is minimizing its financial setbacks following a substantial write-down of these brands’ value.
Michael Daly, CEO of Catena, perceives this as a constructive stride towards the company’s future prospects, stating, “This accord marks another pivotal stage in our path to prioritize the US market for online sports betting and casino gaming.”
We were truly delighted to secure an ideal environment for our UK and Australian sports and wagering entities. They will possess the necessary space and backing to genuinely prosper.”
Christopher Russel, Chief Executive Officer of Moneta Communications, further remarked, “Integrating with the OneTwenty Group empowers us to advance our strategy of incorporating additional digital media enterprises, particularly those possessing a devoted following, robust earnings, and an emphasis on prominent sports within crucial regions. We eagerly anticipate witnessing these resources and personnel achieve even greater success.”
This announcement follows closely on Daly’s latest participation at the GI Huddle, where he elaborated on Catena and its fiscal objectives.
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