Media Fortune Fame & Folly

Bustle goes SPAC

Digital-media entrepreneur Bryan Goldberg is adding to his company as he prepares to strike a deal later this year to take it public, according to the Wall Street Journal.

Goldberg’s BDG Media Inc – owner of women-focused websites including Bustle and tech publications like Input – is acquiring Some Spider Studios, the digital-media company behind parenting websites Scary Mommy, Fatherly and the Dad. BDG Media aims to go public by merging with a SPAC later this year, according to Goldberg.

According to WSJ, BDG’s all-stock deal for Some Spider values the publisher at about $150 million: “Mr. Goldberg said in an interview that the deal would expand BDG Media’s business and give it additional clout with advertisers. BDG Media is profitable and on pace to generate about $120 million in revenue this year, according to people familiar with the matter. Some Spider expects to generate around $50 million in revenue this year and is on track to turn a profit of about $10 million, one of the people said.”

Wall Street Journal