The British virtual news logo Joe Media has been acquired through management for the second time in less than 4 years.
Social media-focused news and lifestyle site joe. co. uk, which caters to people aged between 18 and 35, has been rescued via Irish entrepreneur Michael O’Rourke in a pre-packaging deal valued at £3. 6 million. the Sunday Times.
O’Rourke is a co-founder of the television and streaming networks Setanta Sports and Premier Sports and, through his company, TDL is an investor in corporations such as apparel and gadget maker Finest Brands Holdings, Irish league team Shelbourne FC and ice hockey team Glasgow. Clan and ticket sales. It already had a minority stake in the owner of Joe Media before the UK bailout deal.
Administrative records reveal that Joe Media “struggled to generate enough budget through its operations” to pay staff in November and that there were “growing considerations about its ability” to cover December payroll.
The company came into control on Dec. 22 after the owners, Greencastle MM LLP, contacted KPMG for advice on insolvency and restructuring in response to “financial pressures. “
Joe’s creditors included HMRC (£4 million), Tiktok (£27,303. 07), software company Frame. io (£26,534. 01), Meta (£21,619), news company SWNS (£17,010) and Chartbeat (£9,510. 36).
Joe Media Ltd was acquired in the past through Greencastle MM LLP in June 2020 and an agreement was reached for former Unilad executives to manage the business for a monthly control payment of £50,000 plus external costs.
However, Greencastle has incurred a £3. 8 million debt to BPC Ireland Lending DAC from the total £4 million care paid for Joe Media’s business and assets.
Administrative documents state that “despite periods of significant billing” since June 2020, Greencastle “has traditionally generated large losses and earned money from broader organizational entities for its business. “
The new filings show “sustained losses” with operating losses of £2. 6 million in the year to June 2023 and £3. 6 million the year before.
Revenue fell 26% year-on-year to £3. 3 million in 2022/23.
However, a spokesperson for Joe told The Sunday Times that the company, now controlled by JMG Media Ltd, is successful and that the new owner’s investment would be used for expansions and acquisitions.
Previously, Joe Media in the UK negotiated with Joe. ie in Ireland, owned by Maximum Media. However, in December, O’Rourke also increased his investment in the Irish company to become a significant investor in both.
In December, staff were informed that the investment would be “used for the acquisition of new logos in social publications and to move up other verticals as we look to become a ‘one-stop-shop’ for platforms, media agencies and logos. . . “
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