SBC News Voice of the Sports Betting Industry
The board of Catena Media Plc has this afternoon announced that Michael Daly has chosen to step down as Chief Executive Officer with immediate effect.
Investors of the Nasdaq Stockholm affiliate and media publisher were informed that Pierre Cadena, VP Corporate Strategy, will assume the role of interim CEO, leading the firm’s ongoing reorganisation to focus on North American growth.
In 2018, Catena hired Daly to lead its new North American media unit, spearheading the firm’s M&A expansion to build its portfolio of LegalSportsReport.com, TheLines.com, Lineups.com, GamingToday.com, PlayNY.com, and NYSportsDay.com.
Subsequently, in 2021, Catena promoted Daly to CEO, replacing Per Hellberg, to accelerate the firm’s North American growth amid stalling results of its European media portfolio.
Daly’s tenure would see Catena double-down on its North American focus, initiating a transformation strategy to divest all non-core media assets to secure funds for US growth initiatives.
As detailed by Göran Blomberg, Chairman of the Board of Directors: “Under Michael Daly’s leadership, Catena Media has become an active player in North America, and with the actions taken during the strategic review, we have significantly reduced our debt and streamlined the organisation.
FY2023 results saw Catena post corporate losses of €28m, due to the company booking impairment charges totalling €98m, mainly due to the divestment of European media assets and the reduction of its corporate headcount.
Catena maintains that it will prioritise internal investments to advance its tech platform and AI capabilities to bolster its US media portfolio.
Blomberg concluded: “With the company facing lower growth, we have started to implement a number of growth initiatives. As we embark on this crucial stage, we are seeking new leadership to drive these initiatives and move Catena Media into its next chapter.”
Since January 2023, Catena has remained under strategic review, in which the board hired investment bank Carnegie to review all options, including a sale of the business.
