Catena Media sells UK and Australian divisions for €6m

Catena Media sells UK and Australian divisions for €6m

Added:
Catena Media sells UK and Australian divisions for €6m

Moneta Communications will be purchasing Catena Media’s Australian and UK divisions.

This latest deal will be completely offloading Catena Media’s operations in the two countries, helping the firm reduce operating expenses and shift its focus and resources to its North American operations. The company estimates that on an annualized bases, it will be able to save up to 2.8 million euros.

The contract will involve an initial consideration of 5.8 million euros for Moneta Communications, while the remaining 200 thousand euros will have to be paid within the following 75 days of the closing date.

The CEO of Catena Media, Michael Daly, commented:

“As we continue shifting the main focus of our business to our North American operations, this latest sale is a sizable milestone for us. Our recent strategic review began shaping our brand in a way that will allow us to deliver enhanced results for the NA market, and we are delighted to be making progress in this strategy.”

Moneta Communications’ CEO, Christopher Russel, remarked:

“We are delighted to be expanding our portfolio of brands with Catena Media’s leading business divisions. This purchase will be helping us in our mission of delivering a leading set of media services to sports fans all around the world.”

The contract between the two firms is expected to be finalized in the coming months in the third quarter of the year.

  • Queensland enforces cash limits to limit casino gambling harm Queensland enforces cash limits to limit casino gambling harm
  • The world’s first eSports Island in Abu Dhabi The world’s first eSports Island in Abu Dhabi