Catena Media remains in the process of exploring potential sale options, as its strategic assessment has been prolonged.
The prominent affiliate firm, Catena Media, has declared it will continue to analyze “various possibilities” within its ongoing strategic evaluation, which was initially projected to conclude last month.
This review, initiated in May of this year in response to inquiries from external entities seeking to acquire some of its assets, is considering the potential for Catena to divest several of its divisions, including its AskGamblers brand.
The assessment was extended in August to encompass its entire European online gambling and casino operations. As part of this review, Catena has commenced consultations with employees facing potential redundancy in the UK and Malta.
Catena initially indicated that the review would be finalized in September. However, in a recent update issued today (October 7), the group stated that while it anticipates the review to be concluded “soon,” it is unable to provide a definitive end date.
The group further stated that it is still investigating multiple options for specific segments of its business and will disclose the outcomes of the review as promptly as possible following the completion of the evaluation process.
Catena declared that the firm will remain focused on guaranteeing it is strategically placed to take advantage of opportunities in North America and other rapidly expanding markets to amplify shareholder value.
In the second quarter, Catena took action to decrease expenditures and cut back on strategic investments due to the significant worsening of the global economic landscape, which affected transactions in numerous markets.
The company stated that the worldwide economic situation has negatively impacted some of the performance of its online sports betting and casino operations, while the organization also incurred extra expenses in supporting new market launches and product enhancements.
To counter this effect, Catena reduced strategic investments from planned levels, although it did note that these actions had an initial impact in the second quarter, but were not sufficient to completely offset the decline in profit margins.
Income for the three months ending June 30, 2022, was €28.9 million, a decrease of 4.9% from €30.4 million in the second quarter of the group’s 2021 fiscal year.
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