LINKEDIN - Erin de la Mare has been appointed as the new General Counsel at Spark Networks after her 15-year tenure at Jones Day.
305 posts categorized "SparkNetworks"
Spark Networks Hires New General Counsel
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Spark Networks Announces New Leadership Team to Drive Growth and Innovation
BUSINESSWIRE - Spark Networks SE, a social dating platform, announced Adam Medros as the new CEO, effective February 19, 2024. The company also appointed Bill Alena as Chief Revenue Officer, Suresh Dhandapani as Chief Product Officer, and Jessica Moffitt as interim Chief Financial Officer, alongside Tobias Plaputta, Chief Technology Officer. Laura Marcero has been named Chair of the Board of Directors. The new leadership team aims to drive growth and innovation in Spark's portfolio of social dating apps.
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Bill Alena Appointed as Chief Revenue Officer at Spark Networks
OPW - Bill Alena has joined Spark Networks as the new Chief Revenue Officer (CRO), bringing with him a rich background of over twenty-five years in the Dating and Social Discovery sector. Prior to this role, he served as the Chief Investment Officer at Social Discovery Group, where he was a specialist in Dating and Social Discovery, leading corporate development, investor relations, and the corporate venture capital fund.
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Bargain Acquisition: Hedge Fund MGG Investment Group Takes Over Spark Networks for 164K Eur
WIRTSCHAFTS WOCHE - The MGG Investment Group has acquired Spark Networks, a German online dating provider, for just over 164K euros, becoming its sole shareholder. This acquisition, sanctioned by the Charlottenburg District Court in Berlin, led to a total loss for the current investors of Spark Networks. Spark Networks, offering niche online dating services such as Edarling, Elitesingles, and JDate, has faced financial difficulties in recent years, with losses exceeding $150M since 2020, partly due to cyber-attacks and fraudulent profile registrations. The company's stock, once priced at 14.80EUR on NASDAQ, was delisted at 13c in September 2023 due to impending insolvency. Facing impending insolvency, a legal submission to the Charlottenburg District Court proposed using the StaRUG law for corporate stabilization and restructuring. This law, introduced in 2021, allows companies to avert bankruptcy through restructuring, even if it adversely affects some creditors or shareholders.
by Florian Weyand
See full article at Wirtschafts Woche
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This post also appears on InternetDatingInvestments.com
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Shareholders at Risk: Spark Networks' Restructuring Raises Alarm
WIRTSCHAFTSWOCHE - Shareholders of the German digital company Spark Networks face potential total loss due to a restructuring plan involving the US hedge fund MGG Investment Group. The plan, facilitated by Germany's StaRUG law, aims to save the financially troubled company outside of bankruptcy proceedings. If approved, MGG would acquire all shares at a nominal price, raising concerns among shareholders about deliberate mismanagement and forced expropriation. The situation reflects broader apprehensions about the StaRUG law's implications for investor rights and the growing trend of restructuring processes that sideline small shareholders in favor of major creditors.
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Spark Networks SE Undergoes Financial Restructuring
LAW 360 - Spark Networks SE, the parent company of Zoosk, is taking significant steps to restructure its finances due to recent challenges. Initially, the company filed a restructuring plan in a German Court under the StaRUG law, a framework for stabilizing companies in financial distress. Subsequently, to align this process in the U.S., they filed a petition under Chapter 15 of the U.S. Bankruptcy Code. This move is not a typical bankruptcy but a strategic effort to reorganize and stabilize the company's finances globally. The aim is to ensure smoother operations and financial health across both German and U.S. jurisdictions.
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Spark Networks Announces Commencement of OTC Trading
PRESS RELEASE - Spark Networks SE is now trading its American Depositary Shares on the OTCQX Best Market with the symbol LOVLY. This means its shares won't be traded on NASDAQ anymore. OTCQX is a market for trading certain types of securities, mainly for established companies. Spark Networks operates dating apps like Zoosk, EliteSingles, and Christian Mingle. The company is based in Berlin, Germany, with offices in New York and Utah.
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Spark Networks Reports Q2 Results
PR NEWSWIRE - Colleen Birdnow Brown, Interim CEO of Spark Networks, said: "Spark has embarked on a transformational plan intended to drive the Company forward with revenue growth as well as improved margins, Adjusted EBITDA and cash flow. We reduced our user acquisition spend during the quarter by 43% as compared to the second quarter of 2022. In addition, we also reduced our operating expenses during the quarter by 16% year over year, primarily by reducing headcount and renegotiating vendor spend. With these cost reductions, we increased Adjusted EBITDA by $8.9M compared to the Q2 of 2022." Revenue was $41.2M, compared to $48M in the Q2 of 2022. Net loss was $26.9M, compared to $8.8M in the Q2 of 2022. Adjusted EBITDA was $7.2M, compared to $(1.7)M in Q2 2022.
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Spark Networks CEO Chelsea Grayson Steps Down
SEEKING ALPHA - On Tuesday, Spark Networks announced the resignation of its CEO, Chelsea Grayson, effective from July 7. This news led to a -5.5% drop in the company's shares during after-hours trading. Colleen Brown, the existing board chair and former CEO and director of Fisher Communications, will step in as interim CEO. Despite stepping down, Grayson will maintain an active role within the company, continuing as a board member and advisor to Spark. The company also disclosed the completion of its strategic alternatives evaluation, setting the stage for a plan to enhance margins, EBITDA, and cash flow.
by Vansh Agarwal
See full article at Seeking Alpha
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Spark Networks Q1 Results - Shutters Berlin Office, Laying off 200
PR NEWSWIRE - Chelsea Grayson, CEO of Spark Networks, said: "Our two highest priorities remain returning to revenue growth and improving profitability." The Company believes it can achieve significant efficiencies by both reducing costs and growing revenue through the following changes:
- Exit Germany: Spark Networks aims to shut down its Berlin branch by Jan 2024. This includes cutting around 200 full-time jobs.
- Improve Product & User Experience: Spark Networks plans to outsource its IT services to a third-party
- Hire a Chief Revenue Officer to join its senior leadership team.
- Substantially Improve Marketing Yield and Process
First Quarter 2023 Financial Results Q1 revenue was $41.3M, compared to $49.9M in the Q1 '22. Net loss was $4.4M, compared to $7.5M in Q1 '22.
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Spark Networks Reports Q4 and Full Year 2022 Results
PR NEWSWIRE - CEO Chelsea Grayson has also announced her acceptance of the board's request to serve as Spark's permanent CEO. The company plans to focus on improving profitability through cost efficiency and increased Adjusted EBITDA margins. Grayson outlined several initiatives to achieve this, including solidifying a diversified core of meaningful brands, reallocating capital to more profitable marketing channels, and using the company's net operating losses to minimize taxable income. Q4 revenue was $41.6M, compared to $52M in Q4 2021. Net loss for Q4 was $17.2M, while full-year 2022 revenue was $187.8M, compared to $217M in 2021.
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Dating & Relationship Report by Appinio and Spark Networks
APPINIO - Jorge Bueso, Spark Networks' Senior Consumer Research and Insights Manager, collaborated with Appinio on their Hype Trackers in the US, UK, FR and ES, gaining insight into the intersection between relationships, Valentine's Day and how online dating services participate in both. People tend to seek meaningful relationships based on shared values within a like-minded community, and more than ever, online dating services help facilitate these relationships. However, the industry also faces challenges, such as red flags and ghosting, particularly for women. The report also identifies growing discussion topics such as gender identity and polyamory, which the online dating industry is expected to address for modern daters.
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Spark Networks Conference Call Introducing CEO Chelsea Grayson on Jan 19
PR NEWSWIRE - Spark Networks SE (NASDAQ: LOV) will host a call introduce Interim CEO Chelsea A. Grayson on Thu, Jan 19 at 4:30pm EST. Ms. Grayson is Spark Networks' first woman CEO. In the past she was CEO of True Religion and American Apparel. On Jan 19th, dial 1-888-349-0106 (US) or +1 412-902-0131 (Int'l) and ask to join the SPARK call or go here.
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Spark Networks Names Board Vice Chair Chelsea A. Grayson as Interim CEO
PR NEWSWIRE - Eric Eichmann has stepped down to spend more time with his family and explore future opportunities. Ms. Grayson is the former CEO of True Religion, a designer jeans and clothing company, as well as clothing company American Apparel. She has a multi-decade career as a board member for a range of technology, consumer-facing, and wellness companies, a law firm partner, and an in-house general counsel.
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Spark Networks' Q3 Results With Continued Subscriber Growth for Zoosk and Focus on Profitability
PR NEWSWIRE - Q3 '22 revenue was $48.2M, compared to $53.3M in Q3 '21. Net loss was $10.7M, including an $11.8M non-cash impairment charge to the Zoosk trade name, compared to a net loss of $2.7M in Q3 '21. Zoosk initial subscriber registration grew 5.1% YOY. Zoosk's average paying subscribers grew 3.4% YOY. The app has deployed new pricing, leading to increased conversion rates and a higher average price for Zoosk subscriptions YOY.
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