18th Oct 2023 14:28
(Alliance News) - LBG Media PLC on Wednesday said that it has bought Betches Media LLC, a US-based media brand focussed on digital media content production and publication for women.
LBG Media is a Manchester, England-based digital media and youth content publisher, which owns both Ladbible and Sportbible.
The firm bought Betches for an initial cash consideration of USD24 million, funded from existing cash resources.
There is also a further USD30 million cash consideration, payable in instalments, which is subject to Betches achieving certain revenue and profitability targets to 2026.
In the year ended December 31, Betches generated over USD14.6 million of revenue, and delivered adjusted earnings before interest, tax, depreciation and amortisation of USD3.9 million.
Betches will remain a stand-alone business, but will work with LBG Media's existing US team to develop larger direct brand partnership opportunities that can span LBG Media and Betches brands and audiences.
"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," said Chief Executive Officer Solly Solomou.
"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 Media shares were trading 4.2% higher at 91.76 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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