In a shocking pivot, Tel Aviv based social media publishing platform IMGN sold to Warner Music for a reported $86 million. Content companies are paying top dollar to get their hands on today’s newest and most viral social networking platforms.
IMGN, previously known as Comedy.com, went through a rebranding process in 2017 to widen its content focus from humor-focused content to nearly everything that draws in Gen Z and millennials. Known in the industry to be one of the most sought after generations, these buyers of tomorrow are 40 million strong in terms of platform subscribers on IMGN, and are converting over 3 billion views per month. This makes the platform one of the most highly dense engagement platforms for the above age groups; following TikTok, etc.
The buyout came after a shakey negotiation period where IMGN was reportedly sought out by Snap (for $180 million), and TikTok (for $150 million). The company eventually decided to finalize the deal with Warner Music for under $100 million.
Bringing a huge return to its initial investors, IMGN was bootstrapped for around $6 million in 2015. While the company will remain independent under Warner Music, its angels and firms will see a fantastic buyout return. Of those who invested are KDC Media Fund, Prism Ventur Management, Dot Capital, and Rhodium. Founder Barak Shragia will lead the company into its new season under Warner Music.