Matt Saincome knows that selling a website for a little over $1 million (mostly cash, with a little stock) isn’t a big deal relative to many of the startup acquisitions we talk about on TechCrunch. “However, in the rock comedy media world? Who boy! “And he told.
Saincome is delighted to poke fun at himself — after all, he is the co-founder and CEO of a satirical punk news website — but he still seemed deeply proud of what he created for The Hard Times. He never raised out-of-fund, and while there were takeover proposals in the past, he was still afraid they would compromise the identity of the web.
Saincome said, “I’ve always got the emotional backstop. Yet, “this at a certain point was beginning to get careless.” And he’s delighted that he, his co-founder and editor-in-chief Bill Conway and their editorial team, plus a salary bump for freelancers, should have a bit of a financial windfall (not to mention health care and benefits). He also indicated that the purchase would encourage The Hard Times to invest more seriously in its editorial policy, by building up its podcast network, for example.
“The direction is the same, but it is more simple and secure.” The purchasing group is Project M Company, a 2016 established new media and e-commerce business that has previously purchased Revolver Magazine and Inked Magazine.
Here’s how the Project M concept was set out by the founder and CEO Enrique Abeyta: “We go out and buy from an audience established media outlets, and we reinvigorate or relaunch or throw some money behind them to expand those audiences. We then tie it into a vertically distributed network for e-commerce.
It is no secret, after all, that many online publishers struggled to make the digital advertising model work. Given Revolver ‘s emphasis on heavy metal and punk, and Inked ‘s focus on tattoos, there are some possibilities for natural commerce — for example, if you’re reading a Metallica post, you may probably want to buy a Metallica T-shirt. “I am a tattooed man from my cave cries, Arizona home, who is running this business,” he said. “On Planet Earth we’re the least business thing … we want to work together with the owners and the organization when working with them.”
And the entire Rough Times squad will stay active, including Saincome. Around the same time, the business will continue to own and run the associated Hard Drive gaming and hardware platform, the old parent firm.