Ad Ops Insider

Axel Springer Nears Breakup Deal with KKR

Axel Springer is nearing a breakup deal with private equity firm KKR that would separate the company’s news media business from its profitable classifieds unit. The deal is valued at around €13.5 billion in total, with the classifieds portion valued at over €10 billion. KKR has held a major stake since 2019, when it took the company private, and the split would facilitate an exit path for the investor. The news arm includes titles such as Politico, Insider, Bild, and Die Welt. CEO Mathias Döpfner is reportedly looking to expand the news business in the US, leveraging recent acquisitions and international growth. Döpfner has also signaled interest in AI-related strategies for news, including experiments with AI-generated content and licensing deals with AI companies, and has discussed advocating legislative change to secure publisher payments from social platforms.

JW Player, Connatix Merge to Form JWP Connatix

JW Player and Connatix announced a merger to form JWP Connatix, combining their video delivery and monetisation platforms to broaden reach for buy-side partners. The deal will merge sell-side client lists totaling about 2,000 blue-chip media companies, including 80% of the top 25 Comscore US publishers; Connatix lists Reuters, Forbes, Vox and HuffPost as clients, while JW Player serves Fox, Sky, Eurosport, Fuse, and others. The merged entity reports global reach of over one billion unique users and more than seven billion minutes of on-demand and live content. Financial terms were not disclosed. Dave Otten, JW Player co-founder and CEO, will become CEO of the combined company; David Kashak, Connatix co-founder and CEO, will be chairman. The announcement underscores a focus on connected TV (CTV) and monetisation across multiple models, highlighting potential for scale and cross-platform integration.

MediaMath Aftermath: Infillion Acquires Assets for $22M

Quo Vadis analyzes MediaMath's bankruptcy and subsequent asset sale to Infillion. The piece recalls that at auction, MediaMath’s non-goodwill value was estimated between $35M and $70M, while Digiday reported Infillion would buy the assets for $22M. Initial valuations suggested PPE at $17.5M and intangibles at $17.5M, implying zero goodwill. The article outlines Infillion's plan to invest roughly $62M (22M for assets plus 40M in working capital) and to hire about 155 staff by year three, with projected losses of approximately $445M in traffic acquisition costs and $102M in other operating expenses over three years. A simplified model implies 2028 net revenue of $124M, a 15% take rate yielding $827M gross ad spend, and $19M EBIT/NOPAT. The valuation hints at a $56M current value versus a $310M exit target under optimistic assumptions, underscoring an uphill path but potential business reboot.