Scripps pays $39m for Cracked
April 13, 2016
The E.W. Scripps Company has acquired multi-platform satire brand Cracked, which informs and entertains millennial audiences through a high-traffic website, mobile apps, original digital video, social media and a popular podcast.
Cracked is an advertising-supported business with the scale to deliver impact for brands seeking to reach millennial consumers. Scripps and Cracked’s current owner, Demand Media, have agreed to a $39 million cash purchase price. Cracked had revenue in 2015 of approximately $11 million and was profitable.
“Cracked is a natural extension of the Scripps strategy to take a leadership position in high-growth content marketplaces,” said Adam Symson, Scripps chief digital officer. “Scripps will help Cracked reach new and larger audiences as it continues to build its brand on the web, in over-the-top video and audio and on other emerging platforms.”