Catena Media sells UK and Australian online sports betting brands for €6m
Date: 2023-08-04 Author: Kirill Zagoruyko Categories: SPORTS BETTING
Catena Media will sell its UK and Australian online sports betting brands for €6m ($6.57m) to Moneta Communications, a UK sports betting partner.
The deal covers the sale of all assets of Catena Media's UK business, including sports betting brands Squawka and GG.co.uk, as well as all shares of the company's wholly owned Australian subsidiary. completed in the third quarter of 2023.
A total of €5.8 million will be paid in cash at closing and the remaining €0.2 million will be paid over the next 75 days. Most of the proceeds from the sale will go towards repaying debt, which will lower the group's leverage ratio.
The intangible assets of the divested firms had a net book value of €6 million at 30 June 2023, after an impairment loss of €15.2 million in connection with the sale.
Over the past 12 months, the companies' combined sales amounted to about 4.5 million euros, and an EBITDA figure of about 0.9 million euros.
The deal will reduce the group's base value by around €2.8 million year-on-year.
Michael Daly, CEO of Catena Media, said: “This agreement is another milestone on our journey to focus our business on the North American online sportsbook and casino market.
“I am also delighted that we have found a buyer who can build on the success of our UK and Australian sports and casino brands and offer them the opportunities and support they need to develop and grow.”
Christopher Russell, CEO of Moneta Communications, said: “This acquisition enables Moneta Communications, as part of the OneTwenty Group, to advance our plan to acquire profitable fan-facing digital media assets that cover major sports in important markets. We are pleased to further develop and grow the assets and the team.”
Daley recently spoke about Catena and her financial goals at the GI Huddle conference.
The deal covers the sale of all assets of Catena Media's UK business, including sports betting brands Squawka and GG.co.uk, as well as all shares of the company's wholly owned Australian subsidiary. completed in the third quarter of 2023.
A total of €5.8 million will be paid in cash at closing and the remaining €0.2 million will be paid over the next 75 days. Most of the proceeds from the sale will go towards repaying debt, which will lower the group's leverage ratio.
The intangible assets of the divested firms had a net book value of €6 million at 30 June 2023, after an impairment loss of €15.2 million in connection with the sale.
Over the past 12 months, the companies' combined sales amounted to about 4.5 million euros, and an EBITDA figure of about 0.9 million euros.
The deal will reduce the group's base value by around €2.8 million year-on-year.
Michael Daly, CEO of Catena Media, said: “This agreement is another milestone on our journey to focus our business on the North American online sportsbook and casino market.
“I am also delighted that we have found a buyer who can build on the success of our UK and Australian sports and casino brands and offer them the opportunities and support they need to develop and grow.”
Christopher Russell, CEO of Moneta Communications, said: “This acquisition enables Moneta Communications, as part of the OneTwenty Group, to advance our plan to acquire profitable fan-facing digital media assets that cover major sports in important markets. We are pleased to further develop and grow the assets and the team.”
Daley recently spoke about Catena and her financial goals at the GI Huddle conference.
