Catena Media is continuing its transformation to a North American-facing company as it confirmed the sale of its UK and Australian assets for a fee of around $6.6m.
In the deal, UK sites Squawka.com and GG.co.uk and all shares in Catena’s Australian subsidiary have been sold to Moneta Communications Ltd.
“The sale marks a further step forward in refocusing the business on the North American market following the strategic review of the business communicated in May 2022,” a statement from Catena read.
Catena Media has been pivoting its operations towards North America in the last year after conducting a strategic review of its business in Q4 of 2022.
As part of the review, the affiliate business identified North America as the best region to seek growth opportunities and concluded that its European assets would be less of a priority.
This led to the sale of the AskGamblers.com domain to GiG earlier this year for around $49.3m.
After this latest sale, Catena will cut its costs by around $3.1m per year which will be realized upon closure of the deal. The primary use of the funds will be to deleverage some of the firm’s debt in order to improve its balance sheet.
Catena Media CEO Michael Daly said: “This agreement is another milestone on our journey to focus the business on the North American online sportsbook and casino affiliation market. 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 UK and Australian sports and casino brands and will offer them the scope and support they need to develop and grow.”