What happened
Savage Ventures, the venture capital firm that owns digital assets of Vice, is considering a bid between $60 million and $70 million for the insolvent adtech company OpenWeb. The bid would cover OpenWeb's outstanding debt of approximately $57 million, enabling the company to pay employees and publisher partners, and inject capital to stabilize operations. The purchase would be funded with cash rather than a fundraise. OpenWeb, once valued at $1.5 billion after raising $170 million in 2022, entered insolvency in September and is facing a competitive court-directed sale. Savage Ventures has a track record of acquiring distressed media businesses. The deal is expected to close this month, subject to court approval.
Key facts & figures
- ·Savage Ventures is weighing a bid of $60M-$70M for insolvent adtech firm OpenWeb.
- ·The bid would cover OpenWeb's outstanding debt of approximately $57 million.
- ·OpenWeb was once valued at $1.5 billion after raising $170 million in 2022.
- ·OpenWeb entered insolvency in September and faces a court-directed sale.
- ·Savage Ventures owns the digital assets of Vice.
Key questions for investors and operators
When evaluating transactions, technology stacks, or commercial partnerships in this space, we recommend looking closely at three questions:
Companies & platforms involved
Savage Ventures, which among other holdings owns the rights to the digital assets of Vice, is weighing a bid of between $60 million and $70 million for OpenWeb.
OpenWeb is the insolvent advertising technology company once valued at $1.5 billion.