LadBible owner expands American audience with $54m acquisition
LadBible owner LBG Media has agreed a $54m (£44.3m) deal to buy American media brand Betches, in what it describes as a “step-change addition” for the group.
Manchester-based LBG is a digital content publisher aimed at the youth market. Betches’ content is focused on women and the company will continue to be led by its three female co-founders.
The deal will add Betches’ 32m following to LBG’s existing 100m American followers, “materially expanding its reach and footprint in the US”, the company said.
LBG chief executive Solly Solomou added: “The opportunity for the enlarged group is exciting, as we will be better positioned to capitalise on the significant US audience and advertising market.”
The deal is for an initial $24m (£19.7m), with another $30m (£24.6m) based on performance over the next three years.
In 2022, Betches generated revenue of $14.6m (£12.0m) and $3.9m (£3.2m) adjusted EBITDA, a measure of operating profitability.
Solomou said: “The joining of LBG Media and Betches is an incredibly exciting milestone in the group’s story, progressing a key element of the strategy that we set out at the time of IPO, and since.
“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.
Aleen Dreksler, chief executive at Betches added: “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.”
