Observed Signal · Aug 17, 2023 · Bankruptcy Filing · Source: Quo Vadis News · Impact: 3/5 · Sentiment: Negative
MediaMath Files Chapter 11 Bankruptcy
MediaMath, a long-standing demand-side platform, has filed Chapter 11 bankruptcy. The filing discloses unsecured claims totaling at least $69.5 million across three categories: Media Cost, Third-Party Data, and Ad Verification. After adjustments, the Top 27 media-related claims amount to $69.5 million, representing roughly 97% of unsecured claims; extrapolation suggests about $72 million for the Top 100. The largest line item is “Media Cost” at $61 million (87% of Top 27). Google’s AdX is owed about $2.6 million. The analysis estimates MediaMath’s annual SSP spend around $243 million, with a payables profile of around 130 days. The firm’s assets are estimated at $176 million, comprising about $106 million in receivables, $70 million in fixed assets, $17.5 million in intangible assets, and $35 million in goodwill. The piece suggests potential auction outcomes, with remaining assets possibly in the $35–$70 million range, and notes that MediaMath reportedly ran out of cash in June, signaling an orderly wind-down risk for creditors.
Bankruptcy of a major DSP with notable unsecured debt and potential supply-chain impact
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Key Takeaways & Evidence Grounding
- MediaMath filed Chapter 11 bankruptcy
- Unsecured claims total at least $69.5 million across three buckets
- Top 27 media-related claims total $69.5 million (~97% of unsecured claims)
- Media Cost is $61 million (87% of Top 27)
- Total assets estimated at $176 million; receivables ~$106 million; fixed assets ~$70 million; intangibles ~$17.5 million; goodwill ~$35 million
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