Catena Media is still looking at different ways to sell its company, extending its strategic assessment.
The company, a major player in the affiliate market, has said it will keep exploring “multiple possibilities” as part of its ongoing strategic review, which was originally set to finish last month.
The review, which began in May, was sparked by interest from other companies in buying some of Catena’s assets. The company is considering selling off some of its divisions, including its AskGamblers brand.
In August, the review was broadened to include all of its European online gambling and casino operations. As part of the review, Catena has begun talking to employees in the UK and Malta who may be let go.
Catena initially said the review would be finished in September. However, in a recent update (October 7), the company said that while it expects the review to be finished “soon,” it can’t give a specific end date.
The company added that it is still looking at different options for parts of its business and will announce the results of the review as soon as possible after the evaluation process is finished.
Catena declared that the firm will keep its focus on exploiting opportunities in North America and other rapidly expanding markets to maximize shareholder value.
In August, Catena disclosed that due to the rapidly worsening global economic climate, which affected transactions in several markets, the company took action in the second quarter to cut spending and reduce strategic investments.
Catena stated that the global economic situation negatively affected the performance of certain parts of the group’s online sports betting and casino business, as the group was then incurring extra costs to support new market launches and product upgrades.
To counteract this impact, Catena reduced strategic investments below planned levels, although the company did note that these measures had an initial effect in the second quarter, but were not sufficient to completely offset the decline in profit margins.
Income for the three months ending June 30, 2022, was €28.9 million, a decrease of 4.9% from €30.4 million in the second quarter of the group’s 2021 fiscal year.
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