Two execs are out at Betches Media after LBG Media acquisition
Two execs are no longer employed with Betches Media, less than a month after the company was acquired by LADbible owner LBG Media.
Former CRO David Spiegel was let go, and a former HR exec who has asked Digiday for anonymity has left the company, a Betches spokesperson confirmed. The spokesperson said that Spiegel was “terminated as a result of performance.”
The execs declined to comment. A Betches Media spokesperson declined to say on-the-record whether this was part of a broader restructuring.
Betches reported 2022 revenue of $14.6 million and $3.9 million adjusted EBITDA, according to information shared with LBG Media shareholders last month. The company said its 2022 revenue was up 44% year-over-year. Spiegel joined the company in July 2022.
UK-based company LBG Media agreed to buy the millennial-women focused, profitable company Betches Media on Oct. 18, with a cash offer of $24 million and the potential for an additional $30 million based on Betches hitting certain revenue and profitability targets by 2026.
At the time of the acquisition, the companies said the three Betches founders – Aleen Dreksler, Jordana Abraham and Samantha Sage – would remain at the company. The companies also said Betches would remain a standalone business, and work with LBG’s existing U.S. team to develop direct partnerships across both brands and their audiences.
Meanwhile, LADbible is restructuring its Australian business, with 52 people’s jobs at risk across its Sydney and Melbourne offices, according to reporting by News.com.au on Monday.
LBG Media Group’s half year results for 2023, released on Sept. 20, showed the company made £27.2 million in revenue (about $33.9 million), up 10% year over year. The company had an operating loss of £1.3 million (about $1.62 million).
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