Catena Media announced on Monday its acquisition of i15Media and its online sports betting and casino affiliation assets for $45 million.

Catena Media-i15Media Agreement

Catena Media bought out i15 Media’s North American assets on a multi-million deal, fast-tracking its expansion across the region. 

The Malta-headquartered company will take over an extensive portfolio consists of more than 100 websites and domains. These affiliated assets include states-focused websites such as Michigansharp.com and soon-to-be-launched NYSportsDay.com along with nationally-ranked portals gamblingonline.com and bonus.com.

Catena agreed to pay a total purchase price of $45 million, of which $12 million will be paid on closing and the next $20 million in three separate installments. The buying company holds the option to pay $5 million in either cash or assets in the first installment set on December 15, 2021, while the $5 million and $10 million in the second (June 1, 2022) and third installment (December 15, 2022) respectively will be paid in cash. 

Catela plans to cover the remaining balance of $12.5 million by paying up 2,207,357 in newly issued shares. 

According to the latest financial report, i15 Media portfolio posted total revenue of $8m in the 12 months to July 31, 2021. The report attributes the 67 percent surge in Q1 to the peak season of North American sports and the launch of new regulated markets in Michigan and Virginia.

Quotes from the Press Release

Michael Daly, CEO Catena Media, commented: “The addition of i15 Media’s online sports betting and casino assets to our North American portfolio will accelerate our already rapidly expanding business there. 

“In addition to i15’s strong national and state brands generating revenues in current markets, the additional coverage for upcoming states will further cement Catena Media’s leadership position in the United States.

“I am also excited that i15 Media’s founder and owner will join us as a consultant for the next few years. He will provide valuable support for our internal team as we pursue our roadmap.”