BUSINESSWIRE - Sep 4 - The Meet Group announced the completion of its acquisition by the parent company of eharmony. ParshipMeet Group was created to manage The Meet Group and Parship Group. It now operates MeetMe, LOVOO, Tagged, Skout, GROWLr, eharmony, Parship and ElitePartner.
The Meet Group focuses on community while bringing social entertainment to dating, monetizing through livestreaming video. Parship Group brands are market leaders in the matchmaking space; focused on serious relationships and monetizing through subscriptions.
The all-cash transaction represents an enterprise value of ~$500m.
"We are thrilled to combine with a globally leading matchmaking company," said Geoff Cook, CEO of The Meet Group. "We believe this deal will help define the future of dating. We will continue to focus on... building the best dating features in the world, ...investing in livestreaming..., and discovering opportunities to expand and grow – organically and through strategic relationships, including our video-platform-as-a-service offering". 195k+ dating games are played each day across The Meet Group's apps, up 104% since March.
"The Meet Group's livestreaming video platform is unique and well positioned for a post-pandemic world where video becomes a critical part of finding and screening first dates," said Tim Schiffers, CEO of ParshipMeet Group. "By combining The Meet Group's assets with Parship Group's strengths, we've created a global dating leader and one of the most diversified portfolios of dating brands in the world. ...We see significant potential to further the growth of The Meet Group's video platform-as-a-service products, as well opportunities for knowledge-sharing and cross-selling."
ParshipMeet Group is jointly owned by ProSiebenSat.1, a leading free-to-air TV broadcaster and video entertainment company in the German-speaking markets, and General Atlantic, a leading global growth equity firm providing capital and strategic support for growth companies.
Additionally, from ProSiebenSat1:
ParshipMeet Group has revenues of EUR 451 million and adjusted EBITDA of EUR 95 million as of H1 2020, for the last 12 months. Double-digit annual growth rates expected
The combined company operates as ParshipMeet Group, a newly-minted unicorn and a leading global player in the online dating market. ProSiebenSat.1 owns 53% and General Atlantic 43% in ParshipMeet Group. The remainder is held by management.
Rainer Beaujean, Chairman & CFO, ProSiebenSat.1 said, "This investment case is also another strong proof of concept of our ability to use the strengths of our Entertainment business to support the growth and development of consumer-facing digital platform and commerce businesses."
Joern Nikolay, MD, General Atlantic said, "We believe in the ability of ParshipMeet Group...to bring transformative digital innovation to the global online dating sector...and harness the power of technology."
Tim Schiffers, CEO, ParshipMeet Group said, "Online dating, and interactive live video in particular, is a global megatrend that will continue to transform all of our lives in the future. ...Our brands span the whole spectrum of the online dating market: meeting, dating and falling in love. ...We are perfectly positioned for sustained long-term growth."
ProSiebenSat.1 and General Atlantic are evaluating an IPO for ParshipMeet Group in 2022.
PRESS.AT - July 7 - eharmony has seen its app registration figures increase by 85% YOY in the UK during lockdown – in the period between January and June 2020. Driving this increase has been the success of Video Date, which enabled singles to keep connecting romantically during lockdown and beyond.
FINANZEN.AT - June 10 - ProSieben is planning to spin off its dating business unit from the subsidiary Nucom and "bring it to the stock exchange at the right time at a profit," said board spokesman and CEO/CFO Rainer Beaujean. "We are currently targeting the 2022 financial year for this." ProSiebenSat.1 announced the acquisition of The Meet Group through Nucom for ~$500M in March. The meet shareholders approved the deal last week, now the antitrust authorities still have to agree. Prosieben will hold 55% of the merged online dating business, including the former Parship Group (Parship, ElitePartner, eharmony), and General Atlantic will hold 45%. The Parship Group was valued at €726M on the transaction's announcement date. "We are convinced that the takeover of The Meet Group will generate very high additional value," said Beaujean.
TBI - May 12 - KKR has decided to invest in the broadcaster because it believes that the market is undervaluing the company. The investment marks the second time around with ProSiebenSat.1 for KKR. KKR's move comes six weeks after former CEO Max Conze left ProSiebenSat.1, following two years in the job. The former Dyson exec saw the company's share price tumble, while execs departed amid a strategy that included investing $500M in dating app developer The Meet Group. The company has now outlined new plans to turn away from e-commerce, with an eye on selling its NuCom arm (parent of Parship, ElitePartner, eharmony) and concentrating purely on entertainment.
This post also appears on InternetDatingInvestments.coms
TECH CRUNCH - Apr 24 - Facebook is planning to introduce video calling on Facebook Dating to connect and video call over Messenger. Many rival dating apps are adopting video. Bumble, for a year. Match Group recently rolled out video: Match, Hinge, PoF. Tinder has not yet embraced live video dates, but offers video in profiles. The company couldn't comment on whether or not video dating was in the works for Tinder, but in the post-COVID era, it would be almost bizarre to not offer such feature. Other dating apps have also launched video dating, including eHarmony. Facebook says the feature will roll out in the months ahead.
Mark Brooks: The Meet Group got video right before most dating apps in the West. They were inspired by Momo in China for one-to-many video and refined it on MeetMe, then acquired and powered up a number of brands around the world with video, including Skout, Tagged, Lovoo and now more recently Growlr. Their platform also powers POF's video (ref: March, 2020 press release). Full Disclosure: TMG are a client of Courtland Brooks
For the top weekly dating industry news in ~2 minutes subscribe to OPW's Two Minute Tuesdays (TMT) podcast on Breaker , Google Podcasts , Spotify , Anchor , Stitcher , Overcast , Radio Public or Apple Podcasts . Listen to the trailer for the channel.
PR NEWSWIRE - Apr 20 - This one-on-one video communication feature helps members continue creating meaningful connections in their search for a relationship while practicing social distancing. eharmony has seen a 27% increase in messages in April compared to March as social distancing and stay at home restrictions have been in place. The video function is available only after two members have initiated a conversation and sent several messages back and forth.
WELT - Mar 16 - CEO Max Conze has completely rebuilt the ProSiebenSat.1 station group. But profits continue to plummet, the stock keeps falling and the management staff is leaving. Most recently, the broadcasting group generated €4.14B in revenue and an adjusted profit of €872M euros . The net debt is €2.25B. A few days ago, Max Conze announced that the group, together with the US financial investor General Atlantic, would take over the American app developer The Meet Group for ~$500M.
Q: Mr. Conze, how satisfied are you with the financial results?
A: We are in the middle of transforming our business into a digital group and we are on the right track. The TV advertising market is certainly difficult right now but at the moment less than half of our revenue is generated by traditional TV advertising. We invested a lot into digital advertising business which has already grown 38% this year.
Q: Your e-commerce companies are bundled in the Nucom Group, in which the financial investor General Atlantic holds 25.1 % of the shares. Can you afford The Meet Group acquisition with a net debt of €2.25B?
A: Yes, we would not have made the offer otherwise. We will hold 55% of the new unit, while GA would increase the shares to 45%. The Parship group with the brands Parship, Eharmony and Elite Partner together with The Meet Group would represent a company value of ~€1.2B.
Q: Would it be large enough to be spun off from the NuCom Group and listed on the stock exchange?
A: If we can turn the combined Parship-Meet Group into a global leader, it would be logical to aim for an IPO in the US over the next two or three years.
by Klaus Boldt
See full article at Welt
BUSINESSWIRE - Mar 5 - The Meet Group shareholders will receive $6.30 per share in cash. The deal is expected to close in the 2nd half 2020. NuCom Group is a joint company owned by of ProSiebenSat.1 and General Atlantic's. NuCom's portfolio, under Parship Group, currently includes Parship, Elite Partner and eharmony. The purchase price represents a 30% and 43% premium to the unaffected 30 and 60 trading day volume weighted average price.
Geoff Cook, CEO of The Meet Group said. "This transaction will allow us to tap new strategic growth opportunities by leveraging our video platform and ProSiebenSat.1's experience with content and entertainment. What's more, with this transaction and the participation of both General Atlantic and ProSiebenSat.1, we will achieve a new level of financial scale and backing, which has the potential to further accelerate our growth."
Max Conze, CEO, ProSiebenSat.1 Media SE said, "The acquisition of The Meet Group is one of ProSiebenSat.1's largest transactions. It will significantly advance our ambition to create one of the leading global players in online dating and interactive live video. We believe the combination of these two successful and complementary businesses will also create synergies within the ProSiebenSat.1 universe and accelerate the growth of our market share in the German live video apps sector."
Tim Schiffers, CEO Parship Group said: "Following a successful acquisition of eharmony, we have proven that we can manage new businesses and accelerate their growth by combining the best of both worlds."
Mark Brooks: The Meet Group is a wonderful fit. Great news for the industry. The dating industry is heating up again. (Full Disclosure: The Meet Group are a client of Courtland Brooks, and I own shares)
This post also appears on InternetDatingInvestments.com
AEI.ORG - Feb 5 - A 2017 study by eHarmony found that almost half of users mention Trump, either positively or negatively, in their profiles. Some dating apps have even been created with a specific political group in mind, such as Conservatives Only and TrumpSingles. 63% of Americans say they would not consider dating someone whose views on Trump differ from their own. Trump is more of a deal breaker for women than men. Nearly seven in 10 (69%) of women say they would be unwilling to date someone whose views of the president did not align with their own. Educational background appears to matter little to Americans in deciding whom to date. They care more about religion, lifestyle and life goals, spending habits. Most Americans who are currently married or in committed relationships say they were not aware of the politics of their spouse or partner before they started dating. Younger adults are more likely than are older adults to say they were aware of their partner's political views before they started their relationship.
PR NEWSWIRE - Jan 28 - With nearly two decades at eHarmony, Langston joins The Warehouse Exchange as its CEO and a member of its Board. "When approached to lead the team at Warehouse Exchange, I found the similarities between the eHarmony business model and Warehouse Exchange striking," Langston said. Warehouse Exchange is the digital marketplace for businesses needing short-term incremental commercial warehouse space.
For the top weekly dating industry news in ~2 minutes subscribe to OPW's Two Minute Tuesdays (TMT) podcast on Breaker , Google Podcasts , Spotify , Anchor , Stitcher , Overcast , Radio Public or Apple Podcasts .
THE BIG SMOKE - Dec 23 - eHarmony discovered that 1.6M Britons broke up because of Brexit-based disagreements. Opposing political views led to ~2.7M people throughout the UK ending a relationship in the last year. Online dating profiles that mentioned Brexit – either positively or negatively – received up to 90% more messages than the average member.