Catena Media Appoints Stephen Taylor-Matthews as Non-Executive Director
Catena Media has appointed Stephen Taylor-Matthews as a non-executive director, following the departure of Øystein Engebretsen. With a wealth of experience in online gaming and data analytics, Taylor-Matthews is expected to bring valuable insights as the company faces restructuring and financial challenges.
Leadership Change Signals New Direction
Catena Media has announced the appointment of Stephen Taylor-Matthews as a non-executive director, succeeding Øystein Engebretsen, who held the role since September 2018.
Based in London, Taylor-Matthews brings over 20 years of expertise in online gaming, sports betting, and data analytics. As the founder of Polynate, an AI-driven company providing advanced sports engagement solutions, Taylor-Matthews has demonstrated innovative leadership. His professional portfolio includes executive roles at Underdog Fantasy, GoatGaming, and Betgenius.
“Catena Media is in a transformation phase, and I’m excited to be joining the board at this juncture,” Taylor-Matthews commented. “I look forward to contributing my industry expertise and insight.”
Catena Media’s board chairman, Erik Flinck, extended gratitude to Engebretsen for his six years of service. “Øystein has made a valuable and important contribution to Catena Media for more than six years. I warmly thank him for his efforts and wish him well in his current and future ventures,” said Flinck.
Flinck also highlighted the potential impact of Taylor-Matthews’ appointment, emphasizing the value of his extensive industry experience during a critical phase in Catena Media’s development.
Taylor-Matthews’ tenure will formally begin following necessary filings with the Malta Business Registry, extending until the company’s next annual general meeting.
Catena Media’s Restructuring Efforts
Catena Media continues to navigate significant industry challenges. The company’s extensive restructuring efforts have raised questions about its long-term trajectory.
In the Q3 2024 earnings call, CEO Manuel Stan reassured stakeholders that the restructuring phase is complete and no further layoffs are expected.
“We are confident now that we have the right structure in place,” said Stan.
Financial Performance Highlights Q3 2024
Despite restructuring efforts, Catena Media’s Q3 2024 financial performance reflected ongoing difficulties:
- Revenue: Revenue from continuing operations dropped 33% year-on-year to €10.7 million.
- Adjusted EBITDA: EBITDA from continuing operations fell 59% to €1.3 million, with margins shrinking to 13% from 20%.
- Total EBITDA: The company recorded a negative EBITDA of -€1.4 million, resulting in a -13% margin.
These figures underscore the challenges Catena Media faces in achieving sustainable profitability. However, CEO Stan expressed optimism about the company’s leaner, product-focused structure, which he believes will support margin improvement and a gradual return to profitability.
