The Arena Group, a firm that owns more than 240 brands, will acquire the digital assets of Men’s Journal, Men’s Fitness, Surfer, Powder, Bike, SKATEboarding, Snowboarder and NewSchoolers from accelerate360 in a $28.5 million deal, the firm announced on Tuesday.
The price includes $25 million in cash up front and roughly $3.5 million in deferred payments to acquire these digital assets and assume certain liabilities.
The acquisition is expected to close Dec. 15.
This purchase will provide the Arena Group with a fourth vertical, the Men’s Journal Lifestyle Media Group, to complement its Sports, Finance and Lifestyle arenas, the firm says.
The Arena Group now serves more than 103 million monthly users. The firm has grown its digital advertising revenue by 90% over the first nine months of 2022 and its overall revenue by 41% to $180 million. And it has improved its gross profit by almost $20 million over the same period last year, it says.
Its brands include Sports Illustrated, TheStreet, Inc. (“TheStreet”), and Parade Media (“Parade”),
“For years, consumers have trusted Men’s Journal for exclusive lifestyle content and guidance on travel, gear, the outdoors, style, food & drink, and more,” states Ross Levinsohn, Chairman and CEO of The Arena Group.
Levinsohn adds, “There are natural synergies between these brands and our existing audiences we can leverage and enhance through integration, distribution and our playbook, driving incremental value, growth and profitability.”
accelerate360 is an omni-commerce, distribution and logistics, marketing and media company.