G/O Media, formerly known as Gizmodo Media Group, is not planning to sell its entire portfolio this year, despite a challenging 2023 for the company and the media industry as a whole. CEO Jim Spanfeller stated that the company is not strapped for cash and does not plan to raise money if it doesn't sell. However, he did mention the possibility of bringing in a different financial partner to benefit G/O Media's parent company.
"We're not strapped for cash," Spanfeller said when asked whether the firm plans to raise money if it doesn't sell. But if there was an opportunity to bring in a different financial partner "in a way that helps and benefits" G/O Media's parent company, "that's possible," he said.
While G/O Media was not profitable in 2023, Spanfeller is optimistic about the advertising market improving with more economic certainty in 2024. The company had been shopping around some of its titles after failing to find a buyer for the whole portfolio. Spanfeller said that while they may entertain possible acquisitions and sales, a full portfolio sale is not expected this year.
Spanfeller said the firm will "chat with people from time to time about possible acquisitions" and sales, but noted that a full portfolio sale isn't expected this year: "I don't think that's in the cards."
G/O Media, which includes websites like Gizmodo and Kotaku, has been trying to streamline its portfolio in response to a slowed ad market. The company's business is currently reliant on advertising, with 60% coming from direct ad sales and 40% from automated sales.
Today, the firm's business is mostly dependent on advertising, with about 60% coming from direct ad sales and 40% coming from automated sales.