Catena Media’s European writedowns
Catena Media Q3 update The top line Revenue estimated at €33.1m, up 33% YoY with North American operations up 124% and now worth 51% of total group revenues. Adjusted EBITDA estimated at €16m, up 33%. German revenue fell 82% over the period and now down to 4% of group revenue. A total writedown of €49.4m […]
Read MoreAristocrat buys Playtech for £2.7bn
The top line The deal values Playtech at 680p a share which represents a 58.4% premium to the share price on Friday. The £2.1bn offer will also see Aristocrat take over Playtech’s ~£600m of debt. The valuation is 11.4x EBITDA for the 12 months to June. The deal has been unanimously accepted by the Playtech […]
Read MoreG2E review
Wish you were here: Travel restrictions meant most of the international representatives were unable to travel to G2E. Analysts at Truist noted that the number of mask-mandated attendees appeared to be around 50% of normal but those that were there were clearly “enthusiastic”. The dominant headlines from the week were generated by Bill Hornbuckle’s less-than-surprising […]
Read MoreEndeavor adds OpenBet to its entourage
Scientific Games sells OpenBet to Endeavor The top line Endeavor will pay $1.2bn for the OpenBet sports-betting backend supply business. The deal consists of $1bn in cash and $200m in Endeavor stock The price represents c.10x FY21 revenues and an estimated 34x assumed FY21 EBITDA of ~$35m. U.S.-listed sports and entertainment group Endeavor owns data […]
Read MoreDraftKings’ BetMGM conundrum
No stranger to overly populated conference calls with bankers and lawyers, DraftKings is in a race to gain scale and there is some sound logic to the $22.4bn bid for Entain. Ownership would give it a much wider global footprint, bringing both expertise and technology alongside between £850-900m ($1.17-1.24bn) in forecast EBITDA for 2021. In […]
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