Catena Media promotes Edward Midolo to CTO
As part of its ongoing organizational changes, Catena Media has announced the promotion of Edward Midolo to Chief Technology Officer.Following Michael Gerrow's...
Catena Media announces acquisition of Lineups.com
Catena Media has revealed its most recent acquisition of the US-facing online sports affiliate business Lineups.com in a deal worth $39.6 million. This price will be payed in cash through three different installments during a two-year time period. This includes a down payment of $25 million, $9.6 million one year after the deal is closed and then $5 million after another year has passed.
An extra cash payment worth $500,000 is also needed if there are some requirements that are fulfilled within the first three years after the transaction is done, such as if New York ratifies sports betting during that time.
Lineups.com focuses on betting predictions and analytics, as it offers confirmed line-ups for all the major sports leagues in the United States including the NBA, NFL, Major League Baseball, NHL and more… During the 1-year period leading up to April the 30th of this year, Lineups.com witnessed $7.5 million in sales. Catena further mentioned that this takeover will improve its EBITDA starting from today.
Furthermore, Sam Shefrin, who is the founder of Lineups.com, will still be involved in the business and will serve as an exclusive consultant to Catena Media.
Chief executive of Catena Media, Michael Daly, commented:
“The acquisition of Lineups.com strengthens Catena Media’s leading position in the growing US betting market with a complementary product that fits perfectly into our existing US portfolio. It gives us a second, even stronger, national sports betting affiliation site, alongside thelines.com. This will allow us to capture more market share across North America, as well as to take advantage of shared tools across multiple Catena Media sites.”
Just last month, the firm stated that it was anticipating to report a year-on-year rise in its adjusted EBITDA and its revenue for Q1, which has been massively aided by a strong performance in the States.
Revenue for the period leading up to the 31st of March is expected to be somewhere between $47.1 million and $48.6 million, which might account for a rise between 46% and 51%, as the adjusted EBITDA could possibly be up to $30.1 million.
Michael Gerrow: Catena Media’s new CFO
Michael Gerrow has been appointed as Catena Media's new Group Chief Financial Officer.Gerrow takes on his new responsibilities on the fifteenth of April of this year.
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