North Equity LLC, parent of Popular Science, Field &
Stream and several other brands, has launched a new operating business for its digital media portfolio.
The new business, Recurrent Ventures, wants to help the brands expand and
diversify. The portfolio also includes The Drive, Domino, Saveur, Outdoor Life, Task & Purpose and several other brands.
Lance Johnson has been named CEO of Recurrent
Ventures. He previously served as operating partner of North Equity and was general manager of Popular Science, Field & Stream and Outdoor Life.
Matt Young will serve as
CRO.
North Equity will continue to back Recurrent as its equity firm, as it observes best practices from the venture capital, media, sustainability and technology sectors, it
says.
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“This transition allows us to create a new type of digital media company, giving editorial teams the freedom to create and the capital, support and innovative
technology they need to grow,” Johnson states.
In April, Field & Stream announced it was becoming a digital magazine. Two months earlier, Saveur said
it was killing its print edition in favor of digital.
North Equity Managing Partner Andrew Perlman adds: “North will continue to be focused on digital media–related
investments and M&A, this change will also allow us to expand and diversify our investment portfolio.”