CTalkMinute Media eyeing more acquisitions, becoming profitable, says CEO
Minute Media eyeing more acquisitions, becoming profitable, says CEO
"Our focus on sports puts us in a good position and we are going to finish this year with around $250 million in sales," Asaf Peled told CTech
"Despite the challenges in the advertising space our focus on sports puts us in a good position and we are still growing our top line by over 30-35% organically. We are going to finish this year with around $250 million in sales, which we feel is robust, and we should also turn a profit over the next couple of quarters," Minute Media CEO Asaf Peled told CTech during the Mind the Tech conference in London last week.
Minute Media was founded in 2011 by Peled, Gili Beiman, and Yuval Larom. Its video and multimedia publishing platform, Voltax, powers the creation, distribution, consumption and monetization of third party publishers and advertisers as well as its own sports and culture content brands, including The Players' Tribune, FanSided, 90min, DBLTAP, Mental Floss, and The Big Lead.
Minute Media acquired Wazimo, a bootstrapped Tel Aviv-based company which specializes in growing and monetizing audiences at scale through an automated data-driven approach, in November 2021 for an estimated $60-70 million.
"We have acquired five great companies over the last 3-4 years and as we speak we are looking at the next potential acquisitions and we feel that over the next couple of years there could be more acquisitions to come. We are going to be active on that front," added Peled.
The CEO believes that the cutbacks the company recently underwent place it in an excellent position moving forward. "It has been more challenging for the past couple of years and naturally it does affect us as it does many other companies. Hopefully we made the necessary adjustments last year. We reduced the costs and became a lot more focused on our core, which is combining sports and tech, so we feel we are well equipped and positioned to continue and face the challenges in the marketplace."
Peled also wouldn't rule out the possibility of going public over the next couple of years. "As we've said before, naturally we are quite big now and are scaling, growing, and acquiring so we could tick the boxes in terms of a potential IPO and that is something we are going to consider, along with a few other options. That is something we may look into over the next couple of years."
You can watch the full interview in the video above.