Catena Media is divesting from its UK and Australian businesses, but that does not mean the company is not continuing to be mindful and strategic.
On Wednesday, the company announced it would be undergoing cost-cutting measures now that the company is becoming more singularly focused on the American markets.
Per the release, Catena Media plans to reduce annual spending by $4.2 – $4.6 million. The company says the measure is part of its ongoing strategic review that started back in May 2022. The cost reductions will largely comes from “streamlining support functions” for the company.
Where the costs apparently will not be cut is in strategic media partnerships. Catena Media held off from working with publishers for a couple of years before signing its first major deal with Advance Local’s NJ.com in August 2022. Since then, the company has also inked a deal with Lee Enterprises and, today announced a new partnership with The Sporting News.
“The Sporting News is one of the oldest names in sports publishing in the US and we’re delighted to have them as a core media partner. Their close to 45 million unique users per month give us access to a large audience that will enable us to compete directly with some of the top sports publishing companies in the world,” said Catena Media Vice President North America Ryan Harper.
Catena Media will serve as the exclusive betting partner for The Sporting News. The affiliate will provide both editorial and advertorial content for the brand. That content will discuss not just sports betting but also casino gaming and fantasy sports.
“No one is as passionate about quality sports content as The Sporting News is, which is why a partnership with Catena Media makes so much sense. From day one, our objectives have been aligned and we’re incredibly excited to see where this can take us, not only in the US but also as we look to expand internationally,” added The Sporting News COO Shaun Koiner.
