Ladbible owner LBG expands in US market with $54m deal
LBG Media, owner of popular digital entertainment channel Ladbible, has bought a US-based company for $54m (£44.4m) as it expands its presence across the Atlantic.
UK company LBG announced on Wednesday it has acquired Betches Media, a digital content producer targeted towards women, for an initial cash offering of $24m (£19.7m), financed from LBG’s existing cash reserves.
An additional $30m (£24.7m) will be paid in instalments, contingent on Betches hitting revenue and profitability targets.
Betches Media was founded in New York in 2011 by three female co-founders, all of whom will remain with the company following the acquisition.
It has 32m followers across social media, podcasts, and newsletters, which women make up 86 per cent of.
The move aligns with LBG’s goal of continuing to expand its footprint globally, following its successful 2018 acquisition of Unilad, another US-focused publisher.
Chief executive of the company, Solly Solomou, said: “This deal brings together two highly successful, growth-focused businesses with complementary brands and skills, similar cultures and amazing teams, to create a world-class proposition.
“The opportunity for the enlarged group is exciting, as we will be better positioned to capitalise on the significant US audience and advertising market.”
LBG shares jumped over four per cent on Wednesday.