Team Internet is back in acquisition mode, saying this morning it has picked up an Israeli content farm business for $41.8 million.
It’s bought Shinez IO, based in Tel Aviv and Denver, for the initial sum plus a potential extra $12.3 million if the company meets certain financial targets over the next two years, the company said.
Shinez operates a network of lightweight blogs covering areas such as food and fashion, which are marketed via social media and monetized via multiple ad networks.
It’s a lucrative business — Team Internet says Shinez had revenue of $111 million, $17.2 million in net revenue, and $10.4 million of EBITDA in 2023.
The acquisition edges Team Internet, formerly CentralNic, ever closer to becoming a billion-dollar company. It now expects revenue for 2023 to work out at $948 million.
The deal also seems to mean reduced exposure to Google as the company’s number one ad revenue source. Team Internet said “this acquisition would more than double the Online Marketing segment’s revenue generated independently of our Tier 1 channel partner”.
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