iGB-Affiliate-Monitor_JULY_GP | Page 5

“ The best competitors are often the small competitors . We are seeing [ existing ] competitors also buying other competitors . We ’ re not seeing a lot of new entries ”
Affiliate Monitor What ’ s your view ?

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1-3 February 2022 ExCeL London , UK

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Still , Better Collective ’ s rivals might well have some private thoughts about whether this direction is one that they would follow . But the instinct for further strictly gaming affiliate M & A remains strong regardless .
At the same time that Better Collective announced the TAN deal , major rival Catena Media ventured back into the M & A arena with a deal that in any other week would have been viewed as a substantial piece of business . The $ 39.6m that Catena splashed out on Lineups . com was more clearly an affiliate deal , snapping up a property that Catena said would be highly complementary to its existing US-facing business . Lineups . com
“ The best competitors are often the small competitors . We are seeing [ existing ] competitors also buying other competitors . We ’ re not seeing a lot of new entries ”
MICHAEL DALY , CATENA MEDIA recorded sales of circa $ 7.5m in the 12 months to April 2021 .
Speaking about the deal , Catena Media chief executive Michael Daly said that enthusiasm for USfacing assets was abundant and that multiples were “ quite high ”, adding , “ As you would expect for pretty much any strong product in North America , we wouldn ’ t be the only ones looking at it . The best competitors are often the small competitors . We are seeing [ existing ] competitors also buying other competitors . We ’ re not seeing a lot of new entries .”
However , Daly was mindful of the low barriers to entry in the affiliate world . “ There isn ’ t a deep moat between different affiliates ; it ’ s how you execute and we think we are the best at that .”
iGB Affiliate Monitor July 2021

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