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Catena Media has unveiled its preliminary financial figures for the third quarter of 2024 and revealed significant changes aimed at optimizing its content and marketing teams. As part of these restructuring efforts, the company will eliminate 29 positions by November 1, with the goal of saving $2.38 million annually.
Manuel Stan, CEO of Catena Media, explained that these changes are part of a broader effort to align the company more closely with its product-driven objectives. “As 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 the changes,” Stan said.
This restructuring aims to shift focus toward enhancing product development, refining monetization strategies, and diversifying revenue sources. Catena Media highlighted that the content team remains critical to its success and that realigning its focus will support initiatives in marketing, SEO, and technology.
The company’s preliminary results for Q3 2024 show revenue of approximately $15.9 million, with an adjusted EBITDA of $3.2 million, representing a 20% margin. Despite challenges in sports betting, which has been underperforming, Catena Media is reallocating resources to areas with greater potential. Stan emphasized the need for the company’s balance sheet to reflect the current market realities, noting, “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.”
While the Q3 numbers do not yet reflect revenue growth, Stan pointed to positive changes, such as a leaner cost structure and improved search rankings. The company remains optimistic about its strategy for the coming quarters, with final Q3 results set to be reported on November 7.