Catena Media to streamline support functions to reduce costs

Stockholm-listed iGaming affiliate Catena Media has initiated a cost reduction programme of up to €4.2 million to optimise its business following the recent sale of its UK and Australian operations.

The annual cost reductions are expected to be between €3.8 million and €4.2 million, and are in addition to the €2.8 million decrease in the annual cost base directly attributable to the sale of the UK and Australian assets.

The cost reduction programme reflects the operational impact of the UK and Australian divestment, implemented as part of the strategic review announced in May 2022.

This has further reduced the number of markets in which Catena Media operates and streamlined its brand portfolio with a clearer structure focused on North America.

The bulk of the cost reductions are expected to be realised by year-end, with the full impact to be achieved during the first half of 2024. These will be primarily achieved by streamlining support functions at Catena Media’s European operations.

Shares in Catena Media plc (STO:CTM) were trading 0.43 per cent lower at SEK23.40 per share in Stockholm Wednesday morning.