(PRESS RELEASE) -- Catena Media has initiated a cost reduction program of €3.8-4.2 million to optimize group operations following the sale of the group’s U.K. and Australian brands.
The annual cost reductions announced are in addition to the €2.8 million decrease in the annual cost base directly attributable to the U.K.-Australia divestment, which was announced on 3 August 2023.
The cost reduction program reflects the operational impact of the UK and Australian divestments, 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 the brand portfolio, producing a more agile business with a clearer structure focused on North America.
Approximately 90 percent of the cost reductions announced today are expected to be realized by year-end, with the full impact to be achieved during the first half of 2024. It is expected that these will be primarily achieved by streamlining support functions at Catena Media’s European operations.