Key Takeaways
- Savage Ventures is considering a $60M-$70M bid that would cover OpenWeb's $57M debt and stabilize operations.
- OpenWeb's relationships with CNN, The Wall Street Journal and Yahoo, among others, offer Savage Ventures potential value beyond the core tech business.
- OpenWeb, once valued at $1.5B after raising $170M in 2022, entered insolvency in September and faces a competitive court-directed sale.
The OpenWeb sale could soon be closed.
The venture capital firm Savage Ventures, which, among other holdings, owns the rights to the digital assets of Vice, is weighing a bid of between $60 million and $70 million for the insolvent advertising technology company once valued at $1.5 billion, according to a person familiar with the matter.
The bid would cover OpenWeb’s outstanding debt, which stands at around $57 million. It would also enable the adtech firm to pay its employees and publisher partners, as well as inject capital to stabilize the business, the person said.
Savage Ventures, which has a track record of acquiring distressed media businesses, would fund the purchase with cash rather than a fundraise, according to the person.
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