Gaming Affiliate Catena Media Loses CEO as Revenue Suffers Massive Decline

Article by : Erik Gibbs Feb 29, 2024

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Michael Daly, the CEO of prominent gambling affiliate company Catena Media, has stepped down from his position. The responsibilities have been transferred to interim CEO Pierre Cadena, who previously served as the company’s VP of Corporate Strategy.

Daly initially joined Catena Media in 2018 to oversee the company’s North American operations. Later, in March 2021, he assumed the role of CEO. Throughout his tenure, Daly implemented a strategy with a primary focus on Catena’s operations in the United States and other emerging markets.

Under his leadership, the company successfully sold its marketing assets in the United Kingdom and Australia. Despite his resignation from the CEO role, Daly will continue to support the company during the search for a permanent CEO.

During the past years, Catena Media has established itself as a significant player in North America, with strategic measures implemented, significantly reducing the debt burden and improving organizational efficiency, according to Göran Blomberg, Chairman of Catena.

This leadership transition follows the recent announcement by Catena Media of disappointing fourth-quarter results.

The earnings call revealed a 43% decline in revenue and a significant 66% decrease in adjusted EBITDA.

According to Daly, these outcomes were influenced by US operators trimming their marketing budgets and exerting pressure on affiliates to accept lower cost-per-acquisition rates.

Despite characterizing recent events as having a “negative impact on the business,” Daly maintains a forward-looking perspective. In a recent press statement, he highlighted the ongoing influence of regulatory changes and the growing demand for personalized content, emphasizing their role in shaping the affiliate landscape.

According to Daly, these factors will contribute to higher entry barriers and a heightened emphasis on delivering value to both operators and consumers.

Göran Blomberg, in the announcement of Daly’s resignation, acknowledged the challenges posed by lower growth. In response, the company is initiating several growth initiatives, marking a crucial stage in Catena Media’s development.

As the company enters this pivotal phase, there is a proactive search for new leadership capable of driving these initiatives and guiding Catena Media into its next chapter.

In tandem with these developments, Catena Media has formulated updated financial forecasts and targets spanning from 2024 to 2026. The company has set ambitious goals for itself, aiming for double-digit organic growth in both revenue and EBITDA.