Ladbible Group owner LBG Media has acquired the US-based women’s media brand Betches for an initial cash consideration of $24m.
LBG Media said that in addition to that $24m payment, which is funded “from existing cash resources”, there is also “up to a further $30m cash consideration payable in instalments, subject to Betches achieving certain revenue and profitability targets to 2026”.
Youth-focused LBG described Betches – formerly known as Betches Love This – as “a brand founded by women, for women, with humour and authenticity at its heart – it delivers its unique perspective through social, branded partnerships, live events, merchandise, podcasts and newsletters“.
The brand’s audience is reportedly 86% women. Both Ladbible and Betches were founded in 2011 while their founders were at university.
Betches reported unaudited revenue of $14.6m for 2022 and $3.9m adjusted earnings before interest, taxation, debt and amortisation (EBITDA). It says its 2022 revenue was up 44% year-on-year and is generated “primarily from long-term recurring partnerships with blue-chip brands”.
LBG Media cited the size of the US advertising market as a reason for the acquisition, adding that it would help the company “to accelerate its presence and understanding of the North American market, while developing deeper relationships with US brands and agencies”.
The three founders of Betches, chief executive Aleen Dreksler, Jordana Abraham and chief creative officer Samantha Sage, will remain at the publisher post-acquisition. LBG Media said Betches will “remain a stand-alone business, but will work with LBG Media’s existing US team to develop larger direct brand partnership opportunities”.
Dreksler said in a statement: “It’s a very exciting day in the history of Betches Media as we begin this next chapter with LBG Media, a highly influential media owner with massive global reach…
“The synergy between LBG and Betches is unmatched, with our similar origin stories and passion for connecting with millennial and Gen Z audiences, making this a natural next step for our company. We remain committed to our ambition to be the number one humour platform for women globally and are confident that the legacy we have built for Betches will continue to thrive with the newfound support of LBG and its leadership.”
LBG chief executive Solly Solomou said the acquisition of Betches was “a step change” for his company “and an incredibly exciting milestone in the group’s story, delivering on a key strategic priority of US expansion”.
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