Catena Media Plc has this morning notified investors that it has recruited Carnegie Investment Bank to serve as financial advisor to assess strategic options related to the continued sale of media assets and including the entire sale of the business.
The decision sees the Stockholm-listed affiliate publisher accelerate the streamlining of its media portfolio, originally sanctioned in May 2022 by the board and Chief Executive Michael Daly.
Carnegie has been mandated to review strategic options as Catena continues to engage with “third parties that have shown interest in acquiring certain assets, including all the remaining assets of the group.”
Catena concluded 2022 by divesting its heritage online gambling community AskGamblers.com to Gaming Innovation Group (GiG) for €45m.
Proceeds from the transaction have been reserved to support high-growth US opportunities, in which Catena currently operates the affiliate portfolio of LegalSportsReport.com; TheLines.com; Lineups.com; GamingToday.com; PlayNY.com and NYSportsDay.com.
As such, Catena stated that “third parties have also shown interest in acquiring all the remaining assets of the group in a strategic transaction or through a public tender offer for the group”. However, despite the interest and continued discussions, Catena’s board has yet to receive firm offers to acquire its media portfolio outright or conclusive bids to acquire its business outright.
Catena will publish its full-year 2022 results on 22 February, with group leadership providing a further update on US expansion proceedings and further streamlining initiatives.