Catena Media Sheds 29 Jobs as It Seeks to Save $2.40M Per Year

Catena Media has announced that it is letting go of 29 of its employees in a move that is meant to boost the company’s financials and also shed redundancies.

Catena Media Drops 29 Content Team Members as It “Flattens” Structure

According to the company, this decision will help it transition to what it has described as a leaner and product-led type of operation, driving stronger results across the board.

The company estimates that it will be saving up to $2.4 million (€2.2 million) annually, as it looks to adapt its offer for a more challenging market ahead which has seen the affiliate sector heavily impacted by Google algorithm updates.

The redundancies have cost Catena Media $430,000 (€400,000) in severance packages paid to the employees. Catena Media focused on shedding from its workforce in the content marketing and content production departments, pointing to tightening prospects for traditional content opportunities.

Rather, the company is now looking to “diversify its funnel” and push for more investments in different marketing, SEO, conversion rates, and other pillars of the performance marketing industry.

Catena Media CEO Manuel Stan has said that the company is looking to “embed a new product-led organization,” and that the redundancies were designed to achieve a “flatter structure” that is more closely aligned with the company’s product goals.

“Today, our priority is to support all the individuals who are affected by the changes,” Stan added. Catena Media has similarly used the opportunity to release preliminary results for its third quarter in 2023.

A Balance Sheet That Reflects the “Current Realities”

According to these early estimates, the company is expecting around $11.33 million – $11.90 million ( €10.5 million – €11 million) in revenue with total adjusted EBITDA set in the range of $1.08 million – $1.62 million (€1 million – €1.5 million)

Stan added that the company has been focusing on making sure that its balance sheet reflects the “current realities,” and doubled down on the company’s commitment to ensure that it is adjusting its operations in such a way as to address those realities.

“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. I believe that this strategy will position us for success in the coming quarters,” he said in the company’s preliminary results statement.