Changes at Catena Media continue, as the company is bidding farewell to a member of the board of directors. Øystein Engebretsen is leaving the board after more than six years of service. Stephen Taylor-Matthews will be filling the empty seat.
The news comes in the wake of reports that Engebretsen’s connection to an AI company could have resulted in bad financial choices for the affiliate group.
According to a local Swedish news report, there was disagreement within the board about whether or not Engebretsen and the company he represents, Öresund, represented a conflict of interest for the organization.
Engebretsen works as an investment manager for Öresund, whose investments include the AI company Turbotic, which struck up a strategic partnership with Catena in order to develop an AI content project, called Mezmer. Currently, all social media accounts and the website connected to Mezmer Media are offline.
“Øystein has made a valuable and important contribution to Catena Media for more than six years. I warmly thank him for his efforts and wish him well in his current and future ventures. At the same time, I am delighted to welcome Stephen Taylor-Matthews to the board. His experience and expertise will be a valuable asset for Catena Media as we move forward,” said Catena Chairman of the Board Erik Flinck.
Taylor-Matthews has his own connections to AI, as he is the founder of Polynate, another AI company focused on sports engagement solutions.
“Catena Media is in a transformation phase and I’m excited to be joining the board at this juncture and to contributing my industry expertise and insight,” Taylor-Matthews noted.
While the specific Mezmer joint venture hasn’t been mentioned on earnings calls lately, Catena Media CEO Manuel Stan remains committed to the benefits AI can offer the organization. Additionally, the company recently streamlined operations, laying off 10% of the workforce, in order to better focus on the most profitable media brands in the portfolio.
