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FEATURE
SHIPS THAT PASS IN THE NIGHT
But if Better Collective rolling up ever more and ever bigger targets is one major theme , then the other is the example of a company heading in the opposite direction . As Better Collective continues to dominate , the erstwhile market leader Catena Media has also been busy , but wholly on the other side of the M & A equation , divesting itself of large chunks of its business .
As recently as the first quarter of 2022 , Catena Media generated revenues of € 45.2m for the quarter , helping contribute to revenues for 2022 as a whole of € 133.8m . However , after a series of sales of key parts of its European and global operations , revenues for the most recent quarter came in at just € 13.3m , its lowest quarterly revenue total since the fourth quarter of 2016 .
For the first nine months of 2023 , revenues hit € 66.4m while the total for the last 12 months stands at € 93.8m .
The effort to shear away the elements of Catena Media that don ’ t have a footprint in North America has all been done under the auspices of a strategic review that Catena says is now complete .
Accompanying its third-quarter release , Catena announced its last divestment , this time of its Italian-facing affiliate interests to two buyers for a total of € 19.8m . One of those buyers was later revealed to be Oddschecker Global Media which bought the SuperScommesse business .
In total , Catena has brought in € 76m from the various sales including € 6m for its UK and Australian racing-based assets , € 5.2m for “ other ” sales which includes its paid media business , Acroud , and the biggest deal of the lot , € 45m for AskGamblers which was sold to GiG in December last year .
It is the latter deal which has proven to be the most contentious , not down to what
€ 76m
Figure Catena has brought in from its various divestments , including € 6m for its UK and Australian racing-based assets
54 • ISSUE 94 • iGB AFFILIATE LONDON 2024