Minute Media¬†raised $17 million¬†in funding back in May, and it is now taking advantage of that cash to acquire consumer media brand¬†Mental Floss, which will help the company continue its vision of targeting millennial audiences.
New York-based Minute Media operates three sports media brands powered by its proprietary technology platform, including¬†90min, the world‚Äôs leading global football publisher;¬†DBLTAP, an esports brand focused on stories beyond the stage; and¬†12up, the U.S. sports brand at the intersection of sports and pop culture. Combined, Minute Media‚Äôs properties reach more than 80 million monthly owned and operated unique users and offer original content in 12 languages. Now the company is adding Mental Floss to that list.
Minute Media has created a digital publishing platform that empowers fans to create, publish, share, and distribute thousands of pieces of content each day around the world.
By enabling this new breed of fan ‚Äî both consumer and content creator ‚Äî to become the voice behind their teams, the company said it has introduced a perspective that goes beyond the traditional sports newsroom and its capabilities.
Minute Media has now raised $77 million. The round includes investment from Goldman Sachs, Battery Ventures, and others. Mental Floss marks the first of several strategic acquisitions for Minute Media.
As a part of the acquisition, Minute Media will be acquiring Mental Floss employees, who have established a clear leadership position through years of hard work in a distinct content category. Additionally, Minute Media will take on management of Mental Floss‚Äô digital assets, including website, social channels, and programmatic and direct advertising customers. All digital assets will continue to operate under the Mental Floss brand.
‚ÄúThe acquisition is a natural evolution of Minute Media‚Äôs platform strategy,‚Äù said Asaf Peled, founder and CEO of Minute Media, in a statement. ‚ÄúOur technology-first approach to publishing gives us the flexibility to pivot quickly and grow loyal and engaged communities at incredible scale. Having already proven the value of our unique model across sports publishing, we‚Äôre thrilled to have Mental Floss serve as our first of several strategic acquisitions, and [we] believe that the brand complements our current portfolio of digital assets.‚Äù
Minute Media is acquiring Mental Floss from the¬†Felix Dennis¬†estate. Dennis was chair of the company that owned Mental Floss and passed away in 2014 at 67. Mental Floss was founded in 2001 as a destination for curious people.
‚ÄúThe executors of Felix Dennis‚Äô estate are delighted to announce the sale of Mental Floss to Minute Media. We see Minute Media as a fantastic home for the Mental Floss business. Their strategic plan, reputation, technical platform, and media proposition are extremely strong, and we are confident that they will further the growth and reputation of Mental Floss,‚Äù said Ian Leggett on behalf of the executors of the Felix Dennis estate, in a statement. ‚ÄúThe proceeds of this sale go to the Heart of England Forest, a charity established by Felix during his lifetime.‚Äù