Catena Media has announced another round of redundancies, following two stints towards the end of 2024, alongside the release of its preliminary Q1 results.
The Malta-based affiliate said the decision to let go of more than 50 staff was made as part of cost optimisation measures, with the removal of “one management layer to speed internal agility”.
Post-departure of these employees, Catena Media said headcount will be reduced by 25% and deliver annualised cost savings of between €4.5m to €5m (£4.2m).
The news comes after CEO Manuel Stan ruled out further redundancies in November following 29 redundancies in October.
As per Catena’s preliminary Q1 results, group revenue fell to €9.8m, compared to €16m the previous year’s opening quarter and €10.2m in Q4 2024.
Adjusted EBITDA stood at €900,000, falling from €1.9m the year prior and €1.5m the previous quarter.
North America revenue for the quarter stood at €8.8m, after hitting €14.3m 12 months ago and €8.9m in Q4.
The affiliate said the lower adjusted EBITDA margin – 9% compared to 12% the year prior – followed two successive quarters of improvement, with bosses attributing it to a “shift in the revenue mix towards more sub-affiliation, where gross margins are lower, and to a modest increase in personnel expenses”.
Commenting on the preliminary results, Stan said: “Our Q1 results show we still have substantial work ahead to fully stabilise the business and rebuild profitability.
“Revenue was only marginally lower than in Q4, signalling that the steep declines of past quarters may now be behind us.
“Yet it is vital we protect margins, and we have therefore taken strong action that I am confident will see costs decrease in absolute and relative terms in the coming quarters.”
Alongside the release of Catena’s preliminary Q1 results, the affiliate announced it has suspended interest payments on its hybrid capital security until further notice.
The decision was made on the back of the board’s continued efforts to “secure the company’s long-term financial future”.
Erik Flinck, Catena Media board chair, added: “Today’s decision was difficult and not taken lightly.
“We believe that deferring interest payments on the hybrid capital security and choosing not to redeem this instrument in the short term are essential to secure the group’s financial stability and enable investment in development and growth.
“In the interests of transparency, we will provide regular market updates on this matter and on our progress going forward.”
Despite declining results, Catena Media maintained its top-10 position in EGR’s 2025 Power Affiliate rankings.
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Affiliate claims staff cuts will bring annualised cost reductions of approximately €5m as preliminary Q1 results shows further revenue decline
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