Lonsdale Capital Partners acquires a majority stake in Ocean Media Group

October 22, 2015 — Fusion DigiNet

OMG_logoLonsdale Capital Partners has acquired a majority stake in Ocean Media Group, a provider of UK based events, specialist publications and online solutions addressing three sectors: Social Housing, Weddings and Bridal. The terms of the deal were not disclosed.

The largest division is Social Housing which runs a number of events and conferences including the flagship “Housing 2016” in association with the Chartered Institute of Housing.

Ocean Media also runs the eight National Wedding consumer shows covering London and the South East, the Midlands, the North West and the North East of the UK.

The third arm of the business is Bridal, a business to business portfolio of shows, a trade magazine and a website.

Lonsdale Capital is supporting the current management team led by David Moran and David Watt. Growth will be primarily focused on developing the existing business, but the Group is also considering several bolt-on acquisitions.

James Knott, Director at Lonsdale Capital Partners, said “We are delighted to have supported the MBO of Ocean Media. Each of the three existing business divisions has very strong positions in their respective sectors, which is testament to the quality of their offerings. We are looking forward to working with the management team to continue to grow the business.”

UK, London

 

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Condé Nast acquires Pitchfork Media

October 14, 2015 — Fusion DigiNet

pitchfolkCondé Nast has acquired Pitchfork Media, Inc. The deal adds the popular music vertical to Condé Nast’s digital network.  The terms of the deal were not disclosed.

Founded in 1996, Pitchfork is a Chicago-based online music magazine devoted to music journalism, news, album reviews, and feature stories.The company’s monthly audience has grown to over six million unique visitors and their social following has also increased to well over four million followers and fans.

“Pitchfork is a distinguished digital property that brings a strong editorial voice, an enthusiastic and young audience, a growing video platform and a thriving events business,” said Bob Sauerberg, Condé Nast president and CEO.  “We look forward to bringing Pitchfork to the network of best-in-class brands of Condé Nast.”

The acquisition effort was led by Fred Santarpia, chief digital officer of Condé Nast, to whom the Pitchfork team will report.

 

USA, New York, NY & Chicago, IL

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Two New Fusion Deals: Incisive Media sells AVCJ and Unquote to Mergermarket

October 11, 2015 — Fusion DigiNet

Fusion only - logoFusion Corporate Partners are pleased to announce the completion of the sales of two Incisive Media businesses to Mergermarket.

Asian Venture Capital Journal (AVCJ) and Unquote

Fusion Corporate Partners acted as corporate advisor for Incisive Media. The Fusion team was led by Paul Slight, director at Fusion. The terms of the deals were not disclosed.

AVCJAVCJ and Unquote are leading sources of information on private equity and venture capital deals and fundraising activity. The brands represent a complementary extension to the Mergermarket Group suite of products that include Mergermarket, Debtwire, Dealreporter, Infinata, Xtract Research and the Remark global events division.
unquoteHeadquartered in London and Hong Kong, and with a global presence in 65 countries, Mergermarket Group provides finance and industry intelligence, analysis and data to investment banks, advisory professionals, fund managers, private equity firms, industry and corporate professionals.
“Unquote and AVCJ have strong localised footprints in the delivery of private equity and venture capital related content,” said Hamilton Matthews, CEO of Mergermarket Group. “Both brands are highly regarded in their respective markets and we are hugely excited to welcome them to Mergermarket Group as we seek to strengthen our global provision of fund and deal data, events and intelligence.”
“AVCJ and Unquote are hugely successful brands and I could not think of a better new home for them than Mergermarket Group,” commented Tim Weller, Chairman and CEO of Incisive Media. “With a strong foothold in private equity and M&A related content, Mergermarket Group is committed to further investment and development of both brands. I would like to thank the team for their loyalty and achievements over the years and I wish them well.”
UK, London & Hong Kong

Fusion Deals:

Media & Business Information

Exhibitions & Conferences

Business Support Services and Energy & Environmental Services

Healthcare

Broadcast

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A Fusion Deal: Incisive Media has sold Accountancy Age and Financial Director to Blenheim Chalcot and its portfolio company Contentive.

October 11, 2015 — Fusion DigiNet

Fusion only - logoFusion Corporate Partners are pleased to announce the completion of the sales of two Incisive Media businesses to Blenheim Chalcot and its portfolio company Contentive.

Accountancy Age and Financial Director

accountancy ageFusion Corporate Partners acted as corporate advisor for Incisive Media. The Fusion team was led by Mark Eisenstadt, director at Fusion. The terms of the deals were not disclosed.

Charles Mindenhall, the Blenheim Chalcot co-founder, said: “We are delighted to welcome our new colleagues at Accountancy Age and Financial Director. We are looking forward to continuing to grow and develop these great businesses, serving the accounting and financial director communities worldwide.”

Tim Weller, Chairman & CEO, Incisive Media said: “The founders of Blenheim Chalcot, who recently acquired ClickZ and SES from Incisive Media, have an extraordinary track record of building and developing successful businesses and I could not think of a better new owner of Accountancy Age and Financial Director. Blenheim Chalcot will continue to invest in and develop the brands. I would like to thank the team for their loyalty and hard work over the years and wish them well in their new home.”

Blenheim Chalcot is headquartered in London and traces its roots back to netdecisions, the internet services group founded in 1998. Since then, Blenheim Chalcot has built more than 25 businesses in a variety of sectors, including IT services and outsourcing, financial services, education, travel, software, sport and media. Today, Blenheim Chalcot’s companies have sales of over £300m and employ in excess of 3,000 people. Working with entrepreneurs and co-founders, Blenheim Chalcot continues to create and build businesses in these sectors, often from the ground up, and is now one of the leading venture builders in the world.

Contentive is a digital media company, specialising in B2B publishing and information. It provides an engaging mix of news, events, intelligence and training, across digital marketing, digital finance and other business verticals. Its products and services help professionals excel in a world being transformed by digital – and its tools and platform provide marketers with access to clearly defined audiences.

UK, London

Fusion Deals:

Media & Business Information

Exhibitions & Conferences

Business Support Services and Energy & Environmental Services

Healthcare

Broadcast

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Gannett to buy Journal Media Group for $280 million

October 7, 2015 — Fusion DigiNet

Gannett Co., Inc. is to acquire all of the outstanding common stock of Journal Media Group for approximately $280 million, net of acquired cash.

Journal Media Group shareholders will receive cash of $12.00 per share in cash. Based on the closing price of Journal Media Group on October 7, 2015, this represents a premium of 44.6%. Gannett will finance the transaction through a combination of cash on hand and borrowings under Gannett’s $500 million revolving credit facility.

Robert J. Dickey, president and chief executive officer of Gannett said, “The publications of both Gannett and Journal Media Group have a rich history, a commitment to journalism, and a dedication to informing and being active members in the communities we serve. Our merger will combine the best of each of our organizations to create a journalism-led, investor-focused company which will provide substantial value to the shareholders of both companies. This transaction is an excellent first step in the industry consolidation strategy we have communicated to our shareholders and is a good example of the value-creating opportunities we believe are available.”

The combination of Journal Media Group and Gannett will create a portfolio of 106 local markets in the U.S. and will result in a combined digital audience of more than 100 million unique domestic visitors a month. The acquisition will also enable the combined company to realize significant operating efficiencies. The properties in Journal Media Group’s markets will benefit from the consolidated functions Gannett has established over the last several years. Additionally, the regional proximity of some of the Journal Media Group markets will also enable Gannett to further utilize its printing and distribution assets.

Financial Highlights

  • Adds approximately $450 million to Gannett’s annual revenues.
  • Adds approximately $60 million of adjusted EBITDA, including over $10 million of immediately available synergies.
  • Opportunity for approximately $25 million of additional operating synergies to be fully realised over the next two years via the consolidation of corporate and administrative operations, integration with the Gannett shared service centers and consolidation of certain printing and distribution assets in multiple adjacent markets.
  • Immediately EPS accretive: approximately $0.10 – $0.15 per share in the first full year and $0.20 – $0.25 in the second year.

Strategic Highlights

  • Adds 15 dailies and 18 weeklies in 14 local markets, in nine states.
  • Adds daily and Sunday circulation of approximately 675,000 and 950,000, respectively.
  • Adds more than 10 million unique digital domestic visitors a month.
  • Leverages Gannett’s existing content and national USA TODAY brand, enables the integration of Journal Media Group properties onto Gannett’s Digital Platform, and delivers additional scale for National-to-local strategy.

USA, McLean, VA & USA, Milwaukee

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Axel Springer to acquire stake in Thrillist Media Group

September 30, 2015 — Fusion DigiNet

Axel Springer SE is to acquire a minority interest in New York City-based Thrillist Media Group, a digital media company and lifestyle destination for millennial men. Once completed, it will make Axel Springer the largest outside investor in Thrillist Media Group.

Thrillist was founded in 2005 by Ben Lerer, CEO, and Adam Rich, Editor-in-Chief. It reaches 15 million monthly unique visitors to Thrillist.com, and over 80 million a month across its digital, social and mobile platforms, TMG operates the popular lifestyle portal Thrillist along with related daily newsletters and mobile app, with a focus on the sought-after demographic of 18 to 34-year-old men. Thrillist has local editions covering more than 35 cities in the U.S. and Europe. In the last year, Thrillist traffic has seen 100 percent year-over-year growth, with more than 66 percent of traffic coming from mobile.

Mathias Döpfner, CEO of Axel Springer SE, said, “The investment in Thrillist is a further step we are taking to expand our global footprint as a digital publisher, especially in English-language markets. Thrillist has become a first choice, particularly among millennial men. We see strong further potential and are looking forward to close cooperation with Ben, Adam and the whole Thrillist team.”

Ben Lerer, Co-Founder and CEO of Thrillist Media Group, commented, “We are very excited about this announcement. Axel Springer’s track record of success and its deep understanding of the digital media landscape make it an ideal partner as well as a huge asset for our media team as we continue to expand our rapidly growing business.”

The company’s related e-commerce business, JackThreads, is not part of this investment and will in the future be operated as a separate company.

Completion of this transaction is expected in early October.

Germany, Berlin & USA, New York, NY

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Euromoney acquires 10% of Zanbato

September 29, 2015 — Fusion DigiNet

Euromoney Institutional Investor PLC has acquired a 10 percent interest in Zanbato Inc, an international private capital placements platform and workflow tools provider, for $5.5 million.

The investment is part of a $14m Series B funding round aimed at expanding the capital base of Zanbato. Other key investors include Silicon Valley serial entrepreneur Joe Lonsdale, Formation8, a Silicon Valley technology investment fund, and Accelerate-IT Ventures, a US-based venture capital firm which led the round. As part of the transaction Euromoney will also receive a seat on the Zanbato board.

Zanbato, founded in 2010 and chaired by Joe Lonsdale, is a California-based business focused on building technology to address inefficiencies in private capital markets. Zanbato’s business comprises: i) Zanbato Private Label, an enterprise SaaS solution that enables broker-dealers, placement agents and fund managers to handle the placement of their offerings securely within their proprietary networks: the custom branded and configured solution is trusted by leading financial institutions because of its data rooms, investor analytics, compliance suite, enterprise-calibre security, e-signature integration and due diligence support; and ii) Zanbato Marketplace, software that enables institutional investors and family offices to access direct private investment opportunities. The software is used across several verticals, including fund stakes, pre-IPO company shares and real estate.

Earlier in 2015, Zanbato and Institutional Investor, a division of Euromoney, agreed to enter into a joint venture to bring together the technology of Zanbato and the market reach of Institutional Investor’s Investor Intelligence Network, a private online membership, to serve the institutional segment of the private placements market. Euromoney’s investment strengthens this strategic partnership by providing Zanbato with the financial resources to accelerate its product and business development plans.

Commenting on the announcement, Euromoney Chairman Richard Ensor said: “Over 45 years, Euromoney has built a wealth of trusted relationships with the buy-side and sell-side of the global asset management and capital markets sectors, which we are now using to create specialist digital communities. Our partnership with Zanbato will enable our Institutional Investor division to expand further its digital revenue streams by tapping into the fast-growing online private placement market. Over the next five years, this sector has the potential to create a significant opportunity for placement platforms. With its advanced SaaS technology, Zanbato is well placed to take an important share of this market.”

Zanbato, Founder and Chairman Joe Lonsdale said: “Innovation in finance is critical to advance modern society – technologies that make the global financial system more effective and efficient ultimately benefit all of us. Leaps in progress are often made by applying new ideas to the reach and impact of established players. We have a great respect for the platform Euromoney Institutional Investor has built, and believe our partnership will be formidable as each company brings unique and necessary ingredients required to transform private capital markets. I’m proud to see the innovation behind Zanbato having an increasing impact.”

UK, London & USA, Mountain View, CA

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Axel Springer acquires Business Insider

September 29, 2015 — Fusion DigiNet

Axel Springer SE is acquiring approximately 88 percent of the shares in New York City-based Business Insider, the digital offering for business news in the U.S.

The purchase price based on 100 percent of Business Insider amounts to USD 442 million (currently approximately EUR 395 million) on the basis of a cash and debt free valuation of USD 390 million (currently approximately EUR 348 million). The valuation corresponds to an amount of USD 343 million (currently approximately EUR 306 million) for the 88 percent of the shares that Axel Springer is acquiring. Axel Springer already holds a stake of approximately nine percent in the company and, after this purchase, will hold a stake of approximately 97 percent. Bezos Expeditions, the personal investment company of Jeff Bezos, will hold the further shares.

Henry Blodget, Founder, Chief Executive Officer and Editor-in-Chief, and Julie Hansen, Chief Operating Officer and President, will continue to lead Business Insider in their respective roles. They will also remain significantly invested in Business Insider through an extensive, long-term equity incentive. Kenneth Lerer, Managing Partner at leading early-stage technology venture capital firm Lerer Hippeau Ventures, Co-Founder of Huffington Post and Chairman of Buzzfeed, will receive a seat on the Board of Business Insider.

Mathias Döpfner, CEO of Axel Springer SE: “With the acquisition of Business Insider, we continue with our strategy to expand Axel Springer’s digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world. Business Insider has set new standards in digital business journalism globally. Henry Blodget’s way of digital storytelling reaches tomorrow’s decision-makers. Combining our forces will allow us to unlock growth potential and expand Business Insider’s portfolio to new verticals, new locations and new digital content. We look forward to working together with Henry Blodget, Julie Hansen and the exceptional Business Insider team to continue shaping the future. At the same time, I am thrilled to have our close partner Ken Lerer joining us.”
Business Insider was launched in 2007 by Henry Blodget, Kevin Ryan and Dwight Merriman. It employs more than 325 people, approximately 50 percent of whom are journalists. In addition to its U.S. news sites, the company has a growing international presence, with local editions or licenses in seven other countries. A German edition will be introduced in the fourth quarter of this year and will be operated by finanzen.net, a company of Axel Springer SE. Editions for other countries are in development.

Germany, Berlin & USA, New York, NY

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Axel Springer and ProSiebenSat.1 acquire shares in the American virtual reality specialist Jaunt VR

September 21, 2015 — Fusion DigiNet

Axel Springer SE and ProSiebenSat.1 Media SE have each acquired a minority shareholding in Jaunt, an American start-up that specialises in the creation and distribution of virtual reality content.

Working with media companies, advertisers and artists, and using in-house developers camera and software technology, Jaunt produces high-quality virtual reality content and releases this via the Jaunt distribution platform. To date, videos are primarily receivable through the Jaunt Smartphone app using Cardboards. In future they will however also be available directly on Virtual Reality headset displays such as the “Oculus Rift”.

Following the joint Media-for-Equity shareholding in the DEAG subsidiary MyTicket and the co-investment in Klaus Hommels’ LAKESTAR II Internet fund, the participation in Jaunt is a third measure in the joint initiative by Axel Springer and ProSiebenSat.1 to promote digital growth companies.

Alongside Axel Springer and ProSiebenSat.1, The Walt Disney Company, Evolution Media Partners and China Media Capital are also taking part in the current investment round in Jaunt. Other investors include Google Ventures, Highland Capital, Redpoint Ventures and Sky, as well as prominent angel investors such as Jared Leto.

Anton Waitz, Managing Director of Axel Springer Digital Ventures Inc.: “Jaunt is an exciting new component in the portfolio of our early-stage investments. We are investing in a market, which can change media use over the next few years: Virtual Reality will provide creative pioneers in the entertainment and news industry with completely new ways of pleasing their audiences.”

Dr. Hanno Fichtner, Chief Digital Strategy Officer of ProSiebenSat.1 in San Francisco: “The investment in Jaunt is an investment in the future of entertainment for ProSiebenSat.1. Virtual reality will trigger an entertainment revolution similar to what our core media of TV did. Jaunt is perfectly positioned in this market and has raised the quality of virtual reality experiences to the next level.”

Jens Christensen, CEO and co-Founder of Jaunt: “We are excited to have Axel Springer and ProSiebenSat.1, two leading and innovative media companies, as a part of this strategic investor round. As we continue to build upon our leadership position, delivering amazing virtuality reality experiences to audiences worldwide, we are pleased to have these strong European partners on our side.”

Germany Berlin & USA, Palo Alto, CA

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AOL to acquire Millennial Media

September 3, 2015 — Fusion DigiNet

AOL is to acquire Millennial Media, Inc., an end-to-end mobile platform, for $1.75 per share of Millennial Media common stock.

AOL was acquired by Verizon Communications earlier this year for an estimated total value of approximately $4.4 billion.

“AOL is well positioned as consumers spend more and more time on mobile devices, and as advertisers, agencies and publishers become more reliant on programmatic monetization tools,” said Bob Lord, President, AOL. “As we continue to invest in our platforms and technology, the acquisition of Millennial Media accelerates our competitive mobile offering in ONE by AOL and enhances our current publisher offering with an ‘all in’ monetization platform for app developers.”

Founded in 2006, Millennial Media is headquartered in Baltimore, MD and has additional U.S. offices in Atlanta, Boston, New York and San Francisco, and international offices in Hamburg, London, Paris, Singapore and Tokyo. Millennial Media’s portfolio of assets includes acquisitions of TapMetrics, Condaptive, Metaresolver, Jumptap and Nexage.

The transaction will take the form of a tender offer followed by a merger, with Millennial Media becoming a wholly owned subsidiary of AOL upon completion.

 

USA, New York, NY & Baltimore, MD

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