Maven, the Seattle-based media firm that publishes Sports activities Illustrated, raised an extra $24 million to assist gas enlargement and cut back its debt.
The publicly-traded firm used safety buy agreements by way of personal placements of convertible preferred stock.
Maven has a coalition of greater than 250 manufacturers, together with TheStreet.com, Historical past, Maxim, Ski Journal, and others.
Licensing agency Genuine Manufacturers Group, which purchased Sports activities Illustrated in Could 2019 from Meredith Corp., offered the journal’s print and digital publishing rights to Maven final 12 months.
TCS Capital Administration and Hunt Expertise Ventures LP invested in Maven for the primary time, whereas current backers B. Riley Monetary, Invenire Capital Companions and 180 Diploma Capital additionally participated.
“The investments in Maven are one other validation of our enterprise mannequin, technique, and management staff,” Maven CEO Ross Levinsohn stated in a press release. “We proceed to broaden our enterprise, drive efficiencies and margin, and search for new alternatives out there.”
Levinsohn took over in August, changing Maven founder James Heckman, who remains to be with the corporate.
Maven had a tumultuous run as SI’s writer beneath Heckman’s management. Layoffs on the venerable sports activities journal in October 2019 drew criticism from staff and unions; the corporate did one other spherical of job cuts in March. Maven was additionally within the highlight earlier this 12 months following the firing of longtime soccer journalist Grant Wahl after he criticized its dealing with of job cuts and wage reductions amid the COVID-19 disaster.
Maven beforehand raised $20 million in October 2019. It landed a $5.7 million mortgage from the federal authorities as a part of the Paycheck Safety Program.