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Catena Media Terminates 29 Jobs to Save $2.4M
Catena Media has announced termination of contracts with 29 employees in order to boost the company’s financials and to get rid of redundancies. All of this is a part of Catena Media’s transition to a product-led organization, which will help the company create closer alignment with product goals. The termination of 29 positions will give rise to severance cost and generate savings of $2.4 million per year.
The redundancies have cost Catena Media $430,000 in severance packages paid to employees, and this is the reason why the company is terminating so many contracts. In the company’s announcement, Catena Media stated that this is “part of management’s strategy to focus more on product development, to address monetisation efforts to a smaller core of flagship products, and to diversify revenue streams.”
Catena Media also stated that the company wants to focus on content production and content marketing teams, implying that this was a necessary move that will help achieve flatter organizational structure and reach product goals. Catena Media further elaborated by saying that content teams are vital for the company’s success, and that this step will allow for diversification through investments in marketing, SEO, conversion rate optimization and more.
Catena Media’s CEO, Manuel Stan took the opportunity to address the public by saying that the company hopes to “embed a new product-led organization,” while also stating that it is the company’s “priority to support all the individuals who are affected by the changes.”
Preliminary Financial Results
With everything happening, Catena Media also decided to release preliminary financial results for the third quarter of 2024. According to these results, the company expects around $11.33 million in revenue, which is significantly less than $17.3 million last year.
Manuel Stan added that the company has “responded to market challenges by shifting resources away from loss-making products and into those that have the best potential to generate long-term value.” He said that he believes this will bring success to the company in the coming quarters.
He also acknowledged that the market is still waiting for a return of revenue growth and that Catena Media can see the positive signals from recent changes, even though the reported figures have yet to show the improvement. He ensured the public that the company will “remain on course to achieve its objective.”
