{"id":7285,"date":"2024-10-24T11:15:11","date_gmt":"2024-10-24T10:15:11","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=7285"},"modified":"2024-10-24T11:15:16","modified_gmt":"2024-10-24T10:15:16","slug":"catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/","title":{"rendered":"Catena writes off \u20ac40 million due to the underperformance of sports assets"},"content":{"rendered":"\n

Catena Media Plc<\/strong> has booked a non-cash impairment charge of \u20ac40m ($43.1m) ahead of publishing its Q3 trading results on 7 November 2024.<\/p>\n\n\n\n

The impairment charge is recognised as Catena has authorized a writedown of \u201cspecific sports betting assets\u201d as part of the media group\u2019s transition to a new operating model.<\/p>\n\n\n\n

As disclosed in H1 trading, Catena modified its remaining US media network<\/a>, taking the \u201cstrategic decision to focus product development efforts on a cluster of core brands.\u201d<\/p>\n\n\n\n

The transition comes as Catena observes an \u201cunderperformance in sports betting,\u201d impacting the firm\u2019s book value. H2 trading saw Catena register year-to-date losses of \u20ac5m ($5.3 m) attached to its US sports betting unit, impacted by higher operating costs and Google algorithm changes.<\/p>\n\n\n\n

Preliminary figures for Q3 trading indicate that revenues will stand between \u20ac10.5-\u20ac11.0m ($11.33m- $11.88 m) (Q32023: \u20ac15m ($16.19). Catena expects adjusted EBITDA to be in the range of \u20ac1.0n-\u20ac1.5m ($1,06m -$1,59m) (Q32023: \u20ac3.2m ($3.39m), corresponding to a margin of 10-14%.<\/p>\n\n\n\n

New CEO Manuel Stan<\/strong> commented: \u201cIt is important that our balance sheet reflects current realities. In sports betting, we have been operating at a loss for an extended period. We have responded to market challenges by shifting resources away from loss-making products and into those that we believe have the best potential to generate long-term value. I believe that this strategy will position us for success in the coming quarters.\u201d<\/p>\n\n\n\n

Entering Q4, Catena has terminated 29 positions within its content marketing team, as it seeks to further \u201cstreamline and rightsize<\/em>\u201d resources within its media network.<\/p>\n\n\n\n

Staff redundancies will see Catena pay severance costs of approximately \u20ac400,000, ($424,000) with Catena projecting cost savings of \u20ac2.2m, ($2,33m), effective from 1 November 2024.<\/p>\n\n\n\n

Manuel Stan<\/strong> commented on corporate developments: \u201cAs part of our drive to embed our new product-led organization, we are optimizing the operational teams to achieve a flatter structure that is more closely aligned with our product goals. Today, our priority is to support all the individuals who are affected by these changes.\u201d<\/p>\n\n\n\n

Moving forward, management will prioritise addressing the monetisation of a smaller core of flagship products and diversifying revenue streams.<\/p>\n\n\n\n

Stan concluded: \u201cWe are keenly aware that the market is looking for signs of a return to revenue growth. Although the figures reported today do not yet show that improvement, we see positive signals from the changes we have made in recent months, such as a leaner cost base and improved search rankings, and we remain on course to achieve our objectives.\u201d<\/p>\n\n\n\n

Don’t forget to subscribe to our Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Catena Media Plc has booked a non-cash impairment charge of \u20ac40m ($43.1m) ahead of publishing its Q3 trading results on 7 November 2024. The impairment charge is recognised as Catena has authorized a writedown of \u201cspecific sports betting assets\u201d as part of the media group\u2019s transition to a new operating model. As disclosed in H1 […]<\/p>\n","protected":false},"author":10,"featured_media":7286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1218,5,1],"tags":[10212,1851,510,10214,2996,10211,10213],"class_list":["post-7285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bookmaker","category-gambling","category-news","tag-cashless-write-off","tag-catena-media","tag-google","tag-key-brands","tag-losses","tag-sports-asset-impairment","tag-us-sports-betting"],"yoast_head":"\nCatena writes off \u20ac40 million due to the underperformance of sports assets - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Catena writes off \u20ac40 million due to the underperformance of sports assets - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Catena Media Plc has booked a non-cash impairment charge of \u20ac40m ($43.1m) ahead of publishing its Q3 trading results on 7 November 2024. The impairment charge is recognised as Catena has authorized a writedown of \u201cspecific sports betting assets\u201d as part of the media group\u2019s transition to a new operating model. As disclosed in H1 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"SBC EURASIA EN\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-24T10:15:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-24T10:15:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"660\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Khomeriki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Maria Khomeriki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/\"},\"author\":{\"name\":\"Maria Khomeriki\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/f6f1bec1f527da78057fa0c8d3b56dd6\"},\"headline\":\"Catena writes off \u20ac40 million due to the underperformance of sports assets\",\"datePublished\":\"2024-10-24T10:15:11+00:00\",\"dateModified\":\"2024-10-24T10:15:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/\"},\"wordCount\":429,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg\",\"keywords\":[\"Cashless Write-off\",\"Catena Media\",\"Google\",\"Key Brands\",\"losses\",\"Sports Asset Impairment\",\"US Sports Betting\"],\"articleSection\":[\"Bookmaker\",\"Gambling\",\"News\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/\",\"url\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/\",\"name\":\"Catena writes off \u20ac40 million due to the underperformance of sports assets - SBC EURASIA EN\",\"isPartOf\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg\",\"datePublished\":\"2024-10-24T10:15:11+00:00\",\"dateModified\":\"2024-10-24T10:15:16+00:00\",\"author\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/f6f1bec1f527da78057fa0c8d3b56dd6\"},\"breadcrumb\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage\",\"url\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg\",\"contentUrl\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg\",\"width\":660,\"height\":330},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/sbceurasia.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Catena writes off \u20ac40 million due to the underperformance of sports assets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#website\",\"url\":\"https:\/\/sbceurasia.com\/en\/\",\"name\":\"SBC EURASIA EN\",\"description\":\"SBC EURASIA\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/sbceurasia.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/f6f1bec1f527da78057fa0c8d3b56dd6\",\"name\":\"Maria Khomeriki\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/27621860db8f1dbea9ee0e31b9ebafe07333552b331819831ffcb31ccb265ac2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/27621860db8f1dbea9ee0e31b9ebafe07333552b331819831ffcb31ccb265ac2?s=96&d=mm&r=g\",\"caption\":\"Maria Khomeriki\"},\"url\":\"https:\/\/sbceurasia.com\/en\/author\/maria\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Catena writes off \u20ac40 million due to the underperformance of sports assets - SBC EURASIA EN","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/","og_locale":"en_GB","og_type":"article","og_title":"Catena writes off \u20ac40 million due to the underperformance of sports assets - SBC EURASIA EN","og_description":"Catena Media Plc has booked a non-cash impairment charge of \u20ac40m ($43.1m) ahead of publishing its Q3 trading results on 7 November 2024. The impairment charge is recognised as Catena has authorized a writedown of \u201cspecific sports betting assets\u201d as part of the media group\u2019s transition to a new operating model. As disclosed in H1 […]","og_url":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/","og_site_name":"SBC EURASIA EN","article_published_time":"2024-10-24T10:15:11+00:00","article_modified_time":"2024-10-24T10:15:16+00:00","og_image":[{"width":660,"height":330,"url":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg","type":"image\/jpeg"}],"author":"Maria Khomeriki","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Maria Khomeriki","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#article","isPartOf":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/"},"author":{"name":"Maria Khomeriki","@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/f6f1bec1f527da78057fa0c8d3b56dd6"},"headline":"Catena writes off \u20ac40 million due to the underperformance of sports assets","datePublished":"2024-10-24T10:15:11+00:00","dateModified":"2024-10-24T10:15:16+00:00","mainEntityOfPage":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/"},"wordCount":429,"commentCount":0,"image":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage"},"thumbnailUrl":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg","keywords":["Cashless Write-off","Catena Media","Google","Key Brands","losses","Sports Asset Impairment","US Sports Betting"],"articleSection":["Bookmaker","Gambling","News"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/","url":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/","name":"Catena writes off \u20ac40 million due to the underperformance of sports assets - SBC EURASIA EN","isPartOf":{"@id":"https:\/\/sbceurasia.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage"},"image":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage"},"thumbnailUrl":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg","datePublished":"2024-10-24T10:15:11+00:00","dateModified":"2024-10-24T10:15:16+00:00","author":{"@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/f6f1bec1f527da78057fa0c8d3b56dd6"},"breadcrumb":{"@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#primaryimage","url":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg","contentUrl":"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Catena-books-E40m-impairment-on-under-performing-sports-assets.jpg","width":660,"height":330},{"@type":"BreadcrumbList","@id":"https:\/\/sbceurasia.com\/en\/2024\/10\/24\/catena-writes-off-e40-million-due-to-the-underperformance-of-sports-assets\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/sbceurasia.com\/en\/"},{"@type":"ListItem","position":2,"name":"Catena writes off \u20ac40 million due to the underperformance of sports assets"}]},{"@type":"WebSite","@id":"https:\/\/sbceurasia.com\/en\/#website","url":"https:\/\/sbceurasia.com\/en\/","name":"SBC EURASIA EN","description":"SBC EURASIA","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/sbceurasia.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/f6f1bec1f527da78057fa0c8d3b56dd6","name":"Maria Khomeriki","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/27621860db8f1dbea9ee0e31b9ebafe07333552b331819831ffcb31ccb265ac2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/27621860db8f1dbea9ee0e31b9ebafe07333552b331819831ffcb31ccb265ac2?s=96&d=mm&r=g","caption":"Maria Khomeriki"},"url":"https:\/\/sbceurasia.com\/en\/author\/maria\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts\/7285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/comments?post=7285"}],"version-history":[{"count":1,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts\/7285\/revisions"}],"predecessor-version":[{"id":7287,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/posts\/7285\/revisions\/7287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/media\/7286"}],"wp:attachment":[{"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/media?parent=7285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/categories?post=7285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sbceurasia.com\/en\/wp-json\/wp\/v2\/tags?post=7285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}