Savage Ventures weighs $60M-$70M bid for OpenWeb
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.
