Catena Media continues to focus on North American affiliation market

Initiation, planning, implementation and closure are the stepping stones on the way toward every milestone. Today, Catena Media hit the last step as it signed an agreement to sell its U.K. and Australian online sports betting brands for €6 million to Moneta Communications Ltd, a U.K.-based sports betting affiliate.

The sale will allow Catena Media to continue refocusing on the North American market.

All assets of Catena’s U.K. business, including sports betting brands Squawka and GG.co.uk, as well as all shares in the group’s wholly owned Australian subsidiary will be part of the sale that won’t be fully completed until the third quarter of this year.

“This agreement is another milestone on our journey to focus the business on the North American online sportsbook and casino affiliation market,” said Michael Daly, Catena Media CEO. “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.

“I am also delighted that we have found a buyer that is well placed to build on the success of our U.K. and Australian sports and casino brands and will offer them the scope and support they need to develop and grow.”

Of the total sale figure, €5.8 million will be paid in cash at the closing, while the remainder will be paid within 75 days of the closing. Sale proceeds will be used primarily to repay debt, thereby reducing the group’s leverage ratio.

The sale will reduce the group’s cost base by an estimated €2.8 million on an annualized basis. These savings will be realized directly on closing.

“We are happy to have acquired these established and successful brands from Catena Media,” said Christopher Russel, CEO of Moneta Communications. “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.”