Philadelphia-based digital media startup Broad & Liberty recently acquired local publication Access Network, writes Jeff Blumenthal for the Philadelphia Business Journal.
The acquisition has led to the formation of a combined company called Fideri News Network.
It will start out with about $6 million in projected revenue with 19 websites and a radio station based in Bucks County.
According to Broad & Liberty CEO Terry Tracy, the plan is to add 10 more websites within the next month and also increase its annual revenue to $10 million through both acquisitive and organic growth.
Currently, Fideri’s websites generate between a combined 2.5 million and 3 million visits monthly. About 65 percent of those visits comes from Access and its properties. Access’ short-form news content also reaches millions of readers on social media.
“What we believe that we’re doing is we’re combining structures, business models and audiences that, in many ways, are able to breathe new life into that market,” Tracy said.
He added that Broad & Liberty has a sustainable and profitable business model that allows it to pursue other potential acquisitions and further scale.
Broad & Liberty, a digital media enterprise and public-policy think tank, was launched in 2019.
Read more about the formation of Fideri News Network in the Philadelphia Business Journal.
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