Warner Music Group has announced that it is acquiring Israeli digital media company IMGN Media. Founded in 2015, and headquartered in New York and Tel Aviv, Warner, controlled by Len Blavatnik, said that IMGN will continue to be run by its CEO Barak Shragai, as a 'stand-alone entity with journalistic autonomy.' No financial details were disclosed but "TechCrunch" reported that the acquisition is for "just under $100 million."
IMGN creates and curates shareable social media content on mobile-first platforms. The startup owns and operates a portfolio of media brands in esports, gaming, entertainment, ASMR, and more. The move adds a proven creative business to WMG’s diverse portfolio of companies, generating additional revenue opportunities and providing insight into social media trends.
IMGN was founded in 2015 and has raised $6 million from angel investors and funds including Rhodium, Dot Capital and Prism Venture Management.
"WMG not only offers us greater investment and support, but an entrepreneurial environment to continue growing our business, with the people running our accounts having editorial independence," said Shragai. "We’re excited to partner with them as we take our company into the future."
Published by Globes, Israel business news - en.globes.co.il - on August 16, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020