Catena Media reviews strategy after acquisition interest

Catena Media says it has received interest in parts of its business including its flagship casino brand Ask Gamblers.

Malta.- Catena Media has said that it has begun a strategic review following acquisition interest for parts of its business, including its Ask Gamblers casino brand and its financial trading unit. Catena said it would review potential transactions, structural changes and strategic initiatives to decide on the best long-term approach.

It said the review will look at “all feasible alternatives and assets” including the potential sale of some assets, not only the AskGamblers brand and the financial trading business, however it has ruled out the possibility of any immediate move.

It said: “Catena Media wishes to emphasise that no decision has been taken with respect to the strategic review, and that it may conclude that the best alternative is to make no changes in the near term.”

Q1 saw Catena’s sports betting segment revenue grow by 77 per cent to €25.5m, while its casino segment revenue fell by 25 per cent year-on-year and financial trading revenue fell by a similar proportion. However, CEO Michael Daly said the business remained “robust” and expected ongoing product development investments to “deliver positive revenue benefits towards year-end.” The company saw huge growth in revenue in 2021.

He added: “Financial Trading is currently expanding its focus beyond first-time users to develop nuanced content capable of attracting more experienced traders and to broaden the offering to commodities such as gold and energy. Over time, this will diversify the customer base and reduce dependency on market conditions.”

See also: Hungary gambling reforms: Malta asks for clarification of licensing conditions