Catena Media Completes Divestment of Italian Assets, Boosts Financial Position

In recent developments, Catena Media secured deals totaling EUR 19.8 million ($21.7 million) through the divestment of its Italian assets. This move aligns with the company's strategic focus on stable and profitable markets, as revealed in its Q3 financial results. The transactions, completed in two phases, contribute to the company's efforts to reduce debt and enhance its financial stability.

The divestment transactions involved aggregate purchase prices paid in three tranches. In October and November 2023, Catena Media received EUR 12.8 million ($14 million), with two additional tranches of 3.5 million ($3.8 million) scheduled for Q4 2024 and Q2 2025. While this financial maneuver aims to strengthen the company's financial position, it will also incur an impairment charge of EUR 2.7 million ($3 million).

Catena Media's divestment strategy is in line with its comprehensive business review and restructuring process, which has been ongoing for over a year. Michael Daly, the company's CEO, emphasized the positive outcome achieved for its Italian assets, expressing confidence in the decision and the hands they are now in. The divestments allow Catena Media to reallocate capital and streamline operations, focusing on more stable and profitable markets.

Simultaneously, Catena Media announced the completion of its strategic review initiated in May 2022. This review, geared towards increasing operational focus on American markets, resulted in the sale of various assets, including the AskGamblers division, Italian, UK, and Australian assets. The proceeds from these divestments, totaling EUR 76 million ($83.2 million), will significantly improve the company's financial position and enable it to address outstanding debts.

CEO Michael Daly highlighted the positive impact of the divestments on Catena Media's financial position. With the streamlining process now complete, the company is poised to concentrate its resources on capturing long-term growth opportunities in regulated markets, particularly in the Americas.