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7 diminished earnings , it was announced that CEO Michael Daly would be stepping down with immediate effect .
Chairman Göran Blomberg appeared to be less than effusive in announcing the news . Under Daly ’ s leadership , he said , 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 organisation .
“ 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 .”
The next chapter will in part be written by new chief executive Manuel Stan who , in an unintended ironic touch , perhaps , joins after previously heading up
“ At the exact moment Catena – and by extension now XLMedia – turns attention to the North American market , it ’ s looking ever less competitive ”
Kindred ’ s recently shuttered North American operation .
But if the North American focus from this point onward is clear , there is less clarity around the likely prospects for Catena Media .
This isn ’ t just about the diminished size of the business . There are also question marks attached to the capabilities within the remaining rump of Catena . As has been evident ever since AskGamblers was sold on to GiG , that business – once dismissed by Daly , lest we forget , as a “ legacy ” grey market business – has since thrived .
Meanwhile , in the US the affiliate market as a whole has reached what many are seeing as a turning point . In the words of one affiliate marketing expert , “ the lights have come up and everyone is sobering up .”
What this means is that at the exact moment Catena Media – and by extension now XLMedia – turns its attention towards the North American market , the market is looking ever less competitive . “ It ’ s not the growth story that Catena Media needs or wants ,” said another industry figure .
Catena Media has gone ‘ all in ’ on the North American market as part of its core strategy , but industry watchers are starting to question that strategy given what is now understood about the competitive picture in the US ,
April 2024