Michael Daly out as Catena Media CEO

Catena Media has published its financial results for Q1 2022, declaring a 11% year-over-year revenue growth thanks to new market openings in North America.
Image: Catena Media

Two weeks after reporting a disappointing Q4, Catena Media has announced that it is moving on from CEO Michael Daly.

Daly will step down immediately and the recently appointed VP of Corporate Strategy Pierre Cadena will step in as interim CEO. While the news takes effect immediately, the press release announcing the move said Daly would be available to help the company during this time of transition while the group begins the search for a new, full-time CEO.

Daly took over the role of CEO in March 2021 after three years of running the North American division of the company. During that time, the company offloaded its UK and Australian affiliate assets and focused instead on the Americas and emerging markets.

“Under Michael Daly’s leadership, Catena Media has become an active player in North America and with the actions taken during the strategic review, we have significantly reduced our debt and streamlined the organization. With the company facing lower growth, we have started to implement a number of growth initiatives. As we embark on this crucial stage, we are seeking new leadership to drive these initiatives and move Catena Media into its next chapter,” said Catena Chairman of the Board of Directors Göran Blomberg.

Q4 was a tough one for the company, which reported a 43% decline in revenues and a 66% decrease in adjusted EBITDA. During the earnings call, Daly noted that U.S. operators were pulling back on marketing spend and demanding lower CPA agreements, which had a negative impact on business.

The current year will be tough for U.S. affiliates as well, with only North Carolina scheduled to launch an open market and Rhode Island set to roll out a monopolistic online casino market.

“Regulatory changes and the increased demand for personalized content will continue to shape the affiliate landscape, creating higher barriers to entry and a greater focus on delivering value to both operators and consumers,” Daly told SBC News in an interview posted just last week.

Cadena has experience with the affiliate space, serving on the board of Raketech. He has also worked with media companies like TMZ and Crunchyroll as well as gaming companies like Caesars.

When he was brought on in October, Cadena’s role was to standardize the process for evaluating and developing new growth opportunities for the company.